Sydney Sale Surge
Get them while they’re hot Sydneysiders! Lockdown is over and sales are up, up, up. Since the start of October, almost 7000 new homes have hit the Sydney market. And buyers with pre-approved finance are rushing out to secure a property before increased lending restrictions come into play.
Last year, we saw the housing market flourish despite a once in a lifetime pandemic – and it looks like this year is no different. Since Sydney has opened up, homes have been selling faster than at any time this year amid a post-lockdown flurry and the return of on-site auctions last weekend.
Data has been gathered to show exactly where the sales are increasing. The data reveals Sydney’s fastest-selling suburbs are Seaforth (where homes are snapped up in just over 11 days) and Allambie Heights (where they’re sold in 12).
These suburbs are followed very closely by homes in Glenwood and Botany are selling in just over 15 days while it’s taking 16 in Dover Heights. And then Oyster Bay, Frenchs Forest, Rozelle, Paddington and Five Dock round out the top 10 fastest-selling suburbs, based on a minimum of 10 sales in the suburb over the last 45 days.
Top 10 suburbs for quick sales
Average Days on Market
Overall, Sydney houses are selling like hotcakes with average days on the market falling to just 23 over the past month – the lowest monthly result for the year and well below the 27.6 reported during lockdown over August. Sydney also enjoys the fastest-selling housing market of all the state capitals and well ahead of Melbourne at 28.5 average days on market.
Region-wise, all Sydney regions have recorded sharp declines in the average time it takes to sell a house since lockdown restrictions eased. The top performers are the Northern Beaches with just 18.5 average days on market closely followed by the City and East 18.9, the Lower North 20.4 and the Upper North Shore 20.7 days.
Top 10 regions for quick sales
Average Days on Market
City and East
Upper North Shore
NOTE: Reported house sales last 45 days
Of course, quick sales means hefty competition for buyers. Buyer competition for Sydney houses will be tested over the coming weeks with a surge of post-lockdown listings set to hit the market. New listings in Sydney have soared 30.3 per cent since the beginning of October to the highest weekly totals of the year with nearly 7000 extra homes for sale hitting the market.
Buyers are over the moon with more choice in the market and are hungry to lock something in before current circumstances change. The prospect of increased lending restrictions over coming weeks is prompting buyers to secure a property before rates go up again.
And they’d be smart to lock something in now – we’re already seeing some lenders getting tougher on borrowers. Earlier this month, the prudential regulator raised the “serviceability buffer” used by banks to assess loans, which is expected to reduce the borrowing capacity for the average borrower by about 5 per cent.
Banks are listening with the CBA giving its pre-approved customers 90 days to use their finance. Some of the other big four banks gave borrowers less time.
So if you’re keen to secure a property now in the rapid sales of the Sydney market – get in touch. I’m here to help!