July Weekly Market Snapshot #1

The Sydney real estate market has concluded a very impressive month of June with another strong week of auction results, according to the latest data released by the Australian Property Monitors (APM).

A grand total of 343 properties went to auction in the New South Wales capital in the week ending Saturday July 29, and 290 were successfully sold.

That marks a clearance rate of 78 per cent, up more than three percentage points over the previous week's results.

APM senior economist Andrew Wilson has noted that these results continue to go against the typical trends seen during the early months of winter.

"The onset of winter usually signals a reduction in auction market activity as buyers and sellers - particularly sellers - await the typically busier spring selling season," said Mr Wilson in a statement released by APM on June 29.

"Seller numbers so far this winter however have continued to exceed last year’s results at the same time reflecting confidence in the current strength of the market."

A number of terrific pieces of Inner West Sydney real estate went under the hammer last week, many of which sold for prices that will please existing property owners in the area.

Two pieces of Balmain real estate were sold prior to auction. One of them, a four bedroom on Mort Street, went for $1.5 million.

A two bedroom Rozelle property on Lilyfield Road sold for $815,000, while two pieces of Lilyfield real estate went to auction and were sold for $961,000 and $1,099,000 respectively.

Leichhardt property was also a big mover last week, with five homes from this suburb being put up for auction. Three were sold to bidders, while one was sold prior to auction, and the last went to the vendor's bid.

Overall, Inner West Sydney managed a clearance rate of 90 per cent, with the average sale price being set at $966,500.

Those figures seem to indicate that now is a great time for Inner West property owners to get in touch with their local real estate agent to find out whether selling at auction might be the right move for them.