The variance in weekly auction clearance rates has delivered highs of 90% to a low of 60%, reflecting not only the heat that has lifted in the market over the last six months, but the appetite for buyers to secure homes in pre-auction and off-market transactions.
What’s ahead for Sydney property?
Author
BresicWhitney
The first three months of 2024 have delivered strong results for Sydney property, as sellers and buyers across Sydney’s Harbourside markets, move with intention.
BresicWhitney expects demand to remain healthy over coming months and keep in lockstep with listing volumes. If, however, annual auction volumes exceed a 20% increase on last year, it is likely that a more conservative clearance rate could transpire. BresicWhitney’s annual auction volumes are up by 14% year-on-year as of March 2024.
Overall listing volumes have also increased, with the group transacting on over $500m worth of Sydney property in Q1. This increase reflects not only the pace at which properties were bought and sold, but the move away from seasonal peaks and troughs across the broader Sydney market. BresicWhitney expects to transact on approximately $2.5 billion of Sydney real estate for the 2024 Calendar year.
