March Property Market Update
Traditionally one of the strongest sales months of the year, this March has been no different, marked by high auction clearance rates, low days on market and significant price growth.
Sydney’s median sale price has jumped 3.5% in March which is unsurprising when coupled with the high clearance rates, consistently over 80% for the last two months and falling days on market. Sydney’s median days on market are now sitting at 25 days compared to the 12 month median of 39 days, which is less than the standard auction campaign, indicating that competition may be driving properties to sell before auction.
Part of this surge of growth and competition has been brought on by lack of stock on the market, which is currently sitting at 7% lower than this time last year, a market that at the time was extremely cautious as the COVID19 pandemic was just developing.
12 months on, with stock levels still low it’s no shock competition is high. However, there are strong signs that we will begin to see more stock on the market with pre-listing activity jumping 18.5% compared to the same time last year, which could mean that listing numbers may grow across Autumn and Winter compared to the usual retraction.