Intro Summary and Dates of the Latest Week Results:
The property landscape in New South Wales has undergone a tangible shift, as evidenced by the auction market’s performance in the week ending on the 29th of October 2023. This period has seen a continuation of the trend of declining clearance rates, descending from the steadier 62% clearance rate observed earlier in September to a more subdued 57%. This reflects a market that is grappling with the interplay of buyer caution and seller expectation adjustments.
NSW Auction Clearance Rate:
As of the week concluding on the 29th October, the auction clearance rate in New South Wales stands at 57%. This rate represents a modest decrease from the 59% observed on the 22nd of October and is a notable departure from the 62% consistency maintained in September. The current trajectory suggests a market seeking its new balance amidst economic challenges.
Number of Properties Sold at Auction:
From the total of 1,346 auction results recorded, a detailed suburb-based analysis has shed light on the specific activity levels. While the exact number of properties sold at auction is not individually reported, the data illustrates a vivid picture of market engagement.
Top 5 Suburbs Based on Number of Results Available:
This week’s analysis has pinpointed the following suburbs as the epicenters of auction activity, with the highest number of listings:
- Port Macquarie (2444): A clear frontrunner, with 25 properties hitting the auction block.
- Tamworth (2340): Not far behind, showcasing 20 properties up for auction.
- Wentworth Point (2127): Demonstrating significant traction with 19 listings.
- Blacktown (2148): A hot market with 18 properties listed.
- Epping (2121): Closing out the top five, showing strong activity with 16 properties.
Market Insights:
The spread of auction activity across New South Wales varies substantially, with an average of nearly 3 listings per suburb. The data indicates that while some areas are experiencing a surge in property turnover, many suburbs present a more tempered market dynamic. The insights suggest that high auction activity is concentrated in specific locales, potentially driven by localised demand and economic factors.
Conclusion:
The property market in New South Wales is distinctly in a phase of transition. The latest figures underscore a market that is adapting to shifting dynamics, with buyers and sellers recalibrating their approaches. The coming weeks will be telling, as the market’s adaptation to these conditions will provide further insights for stakeholders.
Disclaimer:
The information provided herein, including data on home sales and auction results in New South Wales, is collected by Baulkham Hills Conveyancing from various sources. These may include third-party entities such as real estate agents, auctioneers, and data suppliers. Baulkham Hills Conveyancing takes care in assembling this data but does not guarantee the accuracy or completeness of the information. All liability for any errors or inaccuracies in this publication is hereby disclaimed.