|Properties above $5 million have been holding up better than other sub markets over the past 12 months.
Records Sales: –
– $11 Million Kangaroo Point (South Sydney).
– $29 Million James Packers Bondi Pad.
– $14 Million 44 Bower Street, Manly.
– $16 Million 68 Bower Street, Manly.
– $12 Million 3 Pavilion Street, Queenscliff.
– $25 Million Mosman House.
– $10.22 Million Mosman Apartment.
Auction clearance rates are now in the 50% range whereas 12 months ago they were above 70%. Properties are now hitting the market with a private treaty price guide rather than an auction price guide.
Rental properties in beachside locations are often more highly sought after during spring as tenants look to secure a property before summer. With rental vacancy rates starting to rise it will be interesting to see if spring this year provides the usual strong uplift in rental demand in these areas.[i]
In June, the city also hit its highest residential vacancy rate in 13 years! approx. 20,000 rentals are sitting empty. The Hills District with the highest at 4.9% and the lowest rates were in Sydney’s South at 2.1%. The Northern Beaches looking solid at 2.8%.[ii]