Paddington Market Update October 2020
September marked a striking turn in housing market sentiment as consumer confidence increased and new listings rose. The rate of decline across Sydney’s market has been consistently easing since July with CoreLogic’s September home value index results showing a 0.3% fall in dwelling values.
According to CoreLogic head of research, Tim Lawless, the housing market outlook is subject to headwinds as fiscal support is reduced, labour markets remain weak and mortgage payment deferrals become less common. However, there are a number of factors that are supporting improved housing market conditions. “The aggregate effect of low mortgage rates, and the prospect that rates could fall further, low inventory levels, government incentives and improving consumer sentiment seems to be outweighing the negative economic shock brought about by the pandemic, “ Mr. Lawless said.
During the month of September Sydney’s average clearance rate dropped marginally to 65% which comes as a result of increased stock levels. We would expect this should remain consistent now through the final quarter of 2020.
Over the last 30 days our network assisted 172 families on their property journey, selling $171 million worth of real estate across Sydney and the Southern Highlands. During this period, we met over 4,937 buyers at open homes and had over 91,729 visitors to our website. We expect this momentum to continue across a record 80 auctions scheduled in October. Our investment management team has successfully leased 135 properties in September, with days on market down and strong enquiry.
Please find below a market update for the past month.
Sydney’s clearance rates in September were as follows:
Auctions Listed: 457
Clearance Rate: 57%
Auctions Listed: 540
Clearance Rate: 61%
Auctions Listed: 602
Clearance Rate: 72%
Auctions Listed: 733
Clearance Rate: 70%
Total Volume: 2332
An average clearance rate of 65% was recorded across Sydney in September.
The DiJones clearance rate for the month of September was 70.00%.
The following houses traded in Paddington during the month of September.
The current median house price in Paddington is $2,395,000 – Unchanged
The following apartments traded in Paddington during the month of September.
The current median apartment price in Paddington is $862,500 – Unchanged
If you are wondering how these sales have affected the value of your home or investment, please let me know as I’d be more than happy to provide you with an updated opinion on price.