April Market Snapshot #2

Following the news of rising housing approvals and median house prices across capital cities last week, the past weekend's (April 5) auction clearance rates have reflected this increasing strength in Sydney. With a citywide clearance rate of 81 per cent, the growth of Sydney's property market could be extremely encouraging for those interested in selling their Inner West real estate in the near future. 

The total number of sales seen over the weekend rose considerably, reaching a whopping $414,348,700 - equalling a median sale price of $988,000. This could be the beginning of the population boom, with Sydney being one of the nation's largest population centres and economic hubs. It could be worth looking into purchasing or selling investment property in the coming years. 

As an example of the current market's strength, there was one home in Lilyfield that sold for well over the median price, reaching $1,320,000 and illustrating the popularity of the Inner West suburbs. Another property sold in Lilyfield for $892,000 - just under the median price for Sydney but still a great result for the previous owners of the home. 

Furthermore, a three-bedroom home in Rozelle sold for $1,125,000, with a number of multi-bedroom properties becoming popular across the area. This could highlight a growing desire for child-friendly properties, or simply that families are beginning to look for bigger, more spacious homes for themselves. 

This is reinforced by the sale of another three-bedroom home in Leichhardt for $980,000, as opposed to a one-bedroom property in the same are for $730,000. Anyone considering investing in the region could do well to take notice of this, especially as more people begin to enter into the region.