By Leilani Shepherd

The Weekly: 17 April 2023


Following the Reserve Bank’s decision to pause interest rate hikes, buyers have continued to regain confidence in the Sydney market. Stock levels remain below average across the city, motivating buyers to compete for a smaller pool of available listings. Despite cash rate increases over recent months creating uncertainty for buyers, particularly first-home-buyers facing changes to their borrowing capacity, there is no shortage of qualified purchasers eager to secure a property in competitive circumstances.

Spill-over demand from the tight rental market is driving even more home-seekers to consider the alternative of purchasing, although fears remain that stringent servicing assessments and increased caution around lending by banks may reduce the amount of buyers that qualify for finance.

On Saturday, we conducted 19 open homes and met 326 buyers for an average of 17 attendees per inspection, almost double the number of buyers met during the same period in 2022. Quality homes like 66 Renwick Street, Marrickville garnered exceptionally generous crowds, as well as 13 Ness Avenue, Dulwich Hill - an attractive bungalow boasting a private, elevated position - which welcomed 73 buyers over the course of the campaign prior to exchanging for $2,250,000.

5 properties exchanged over the last 7 days, with 301/1 Phillip Street Petersham trading under the hammer on Saturday for $569,000. 41 Lackey Street St Peters was also snapped prior to auction on Wednesday by investors, the updated Victorian terrace offering an appealing opportunity for cashflow in a red-hot rental market.

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