October Market Snapshot #3

The New South Wales' capital city has experienced another stunning weekend of property sales, with the Sydney auction clearance rate shooting up to 86 per cent.

With a median house sale price of $900,000 and the sales total for the weekend reaching $397,983,800, now could be the perfect opportunity for anyone interested in selling their Inner West real estate to secure a decent return on their property.

For example, there were five pieces of Balmain real estate sold during the weekend, with the best performing property being a two bedroom home in Balmain East which sold for a massive $1,210,000.

Furthermore, there were a large number of properties sold in Leichhardt and Lilyfield, with the majority selling for over $1,000,000.

The latest RP Data release has highlighted the change in Sydney's home values over the last month, growing by 2.7 per cent and providing further evidence of an upwards real estate trend in Sydney's property market.

Director of Property Management for Coopers Agency, John Gilmovich, said that over the last three months, many tenants who left rental properties actually seized the opportunity to purchase their own homes.

"Given the low interest rate market right now, I think they're taking advantage of grabbing a mortgage over paying rent. And a mortgage, if you do the maths, is usually equal to or less than the rent that they're paying," said Mr Gilmovich.

"So it makes sense that they would jump into the first home buyers market. I think that's a bit of a trend at the moment for us."

If you're interested in making the jump from tenant to homeowner, now could be the perfect time to get in contact with the team at Coopers Agency and begin searching the market for the perfect home for you and your family.