February Market Snapshot #2

Sydney auction sales have brought in the new year with the same strength and presence seen at the end of last year's spectacular real estate market, which could be great news for those interested in selling their Inner West property in the coming months.  

As predicted by many industry experts, the New South Wales capital city shows no signs of slowing, with the latest results from the Australian Property Monitors (APM) placing the clearance rate for the city's auctions over the last weekend (February 8) at 84 per cent. 

This is an impressive sales result despite there only being 298 properties listed for auction across the region. Still, this is to be expected in the post-Christmas lull, with people beginning to move back into the market as their pockets recover from the holiday period. 

There were a number of Inner West successes, with three Balmain properties selling for over $1 million each. The best was a three-bedroom property on Colgate Avenue that was sold for a whopping $1,625,000. According to realestate.com.au, the median price for a three-bedroom house in the area is currently resting at $1,275,000, with this sale highlighting the increasing strength of the region's real estate market. 

Lilyfield also saw two properties successfully go under the hammer this past weekend, each selling for over $1 million as well - $1,492,000 and $1,320,000, respectively. In an area where the median house price is currently $970,000, this can be considered a great result by the owners of those properties, as well as anyone giving thought towards selling their own Lilyfield property in the near future. 

Furthermore, realestate.com.au data has found that demand for property in Lilyfield is exceptionally high when compared with the average of New South Wales. In fact, there are an average of 83 people looking at each property for sale in the suburb, as opposed to 21 per property elsewhere in the state.