In this week’s overview of the New South Wales (NSW) property market, we examine the week from June 19 to June 25, 2023. It was a week of robust activity and promising signs for both buyers and sellers.
The Big Picture
At a statewide level, the auction clearance rate was 62%. This significant rate reveals a strong and healthy market, with demand for properties remaining high. This clearance rate is based on 909 auction results available, offering a comprehensive view of the ongoing market trends.
Auction sales were plentiful, with 304 properties sold directly at auction. It’s worth noting that auctions are not the only route to sale. A further 237 properties were sold prior to their scheduled auction, reflecting the strength of early offers in the market. Even after the excitement of auction day, there were still 23 properties sold post-auction.
Yet, auctions are not the only way properties changed hands. The private sales market was thriving, with 1,555 non-auction sales conducted in the week. These private sales remind us that the NSW property market is diverse, offering options for those who prefer more traditional selling methods.
Spotlight on Suburbs
While the broad trends provide essential market health insights, the devil is always in the detail. Let’s turn our attention to the suburbs and identify some of the areas with the most significant activity.
Here are the top 5 suburbs based on the number of results available, indicating these as high-activity areas:
- Ryde, 2112 – 10 results available
- Turramurra, 2074 – 10 results available
- Schofields, 2762 – 13 results available
- Riverstone, 2765 – 6 results available
- Rooty Hill, 2766 – 6 results available
Each of these suburbs is unique, but they all share the buzz of property activity. Whether you’re looking to buy or sell, these areas are worth considering for their active property market.
Looking Forward
The NSW property market shows no signs of slowing down. With a strong auction clearance rate and numerous sales across the state, there are plenty of opportunities for both buyers and sellers. Keep an eye on this space for the latest updates and trends.