Buoyed on by election debate and MasterChef fever, the Sydney property market displayed its first sign of strength this winter with a robust 71% auction clearance rate reported by Australian Property Monitors.  

While clearance rates are up the results show a clear lack of ‘out of line prices’ indicating that the vendors selling today have adjusted their price expectations to the current market.   There appears to be a direct correlation between time on market and price, suggesting those that entered the market before June are still clinging to hope and unrealistic prices.

Attendance at Open Home was solid this weekend showing some hope that the market will return to balance in the coming weeks.  We are still finding that those attending Open Homes are committed to buy but are still reluctant to commit until there is more economic certainty.

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