February Market Snapshot #3

The Inner West suburbs of Sydney have seen another great weekend for auction sales (February 15), with the latest results from Australian Property Monitors (APM) illustrating an 81 per cent clearance rate over the period. These results highlight the growing strength of the area's real estate market following the holiday period.
There were 303 recorded auctions across Sydney over the weekend, with 258 of these reporting successful sales totaling $228,771,400, reaching a medium sale price of $880,000.
In Balmain, there were three properties successfully sold over the weekend. The best result reached $1,852,000 for a three bedroom property on Carieville Street. This is a great outcome for anyone considering selling their home in the area, with the market expected to continue along this trajectory following the Reserve Bank of Australia's cash rate decision earlier in the month.
Keeping the official rate at the historically low 2.5 per cent affects the interest rates that are tied to home loans, which often correlates with an increase in buyer demand as more people enter into the real estate market.
An example of this is in Birchgrove, where there were five successful property sales over the last weekend, with all of them selling for over $1,000,000. In fact, a three bedroom home on Louisa Road sold for a large $2,350,000, cementing the Inner West suburbs as a great option for luxurious properties and making it a prime spot for those looking for a unique lifestyle.
One exciting sale to occur over the weekend was a two bedroom home on Victoria Road, which was sold by Coopers Agency as a part of the Gala Day Auction. There were a number of successful sales from the weekend with people securing properties across the Inner West suburbs. This might mean now is the perfect time to sell or buy in one of Sydney's greatest areas.