Our Market - April 2024

Below is the content for our April 2024 Market Report:

April might not be everyone's first choice for diving into the real estate market, what with Easter break, school holidays, and Anzac Day celebrations all vying for attention. But let me tell you, even as some sellers kicked back and enjoyed their holidays, the buyers were out in full force, turning open homes into bustling hubs of activity and driving some seriously impressive sales. Just peek at these stats to see how April shaped up against last year's numbers:

🏡 Sold at Auction = 50 (44)

🏡 Pre-Auction Sales = 25 (39)

🏡 Passed in at Auction = 16 (13)

🏡 Withdrawn from Auction = 15 (4)

🏡 Auction Clearance Rate = 71% (84%)

🏡 Sold by Private Treaty = 39 (58)

Sure, the holiday spirit might have slowed the market's stride a bit, but that didn't stop eager buyers from making their move. And boy, did they make their presence known! As inventory levels dwindled, buyers found themselves clamoring for more options, faced with a rather slim pickings situation. Just look at the numbers: from March to April, the number of properties hitting the auction block dropped by a whopping 25%.

But hey, if you're on the fence about listing your property, let me put your mind at ease: there's no shortage of hungry buyers out there, especially for top-tier listings. Need proof? Check out these standout sales from April:

🔑 14/39-61 Gibbons Street, Redfern: This slick 2-bed, 2-bath, 1-car apartment turned heads with its stylish renovation. Over 100 groups swung by for a peek during the campaign, and come auction day, a whopping 14 eager bidders duked it out, driving the sale price to a jaw-dropping $1,362,000 – well above the owner's expectations, setting a record for the highest price ever paid in the building.

🔑 13 Gowrie Street, Newtown: Talk about a hot commodity! This charming 2-bed terrace barely had time to settle into the market before it was snapped up. With multiple buyers vying for the keys, it sold for a price that left the owner grinning from ear to ear.

🔑 56/10-14 Terry Street, Dulwich Hill: This quality apartment in the Waratah Flour Mills development was mainly sought after by professional couples and downsizers. On the eve of its auction, several buyers fought it out for the keys, selling for an extraordinary amount: $131,000   above what the exact same apartment, one level below, sold for in July 2023, setting a suburb record for a two-bedroom apartment. 

If you have any questions about the real estate market or wish to discuss your next move, please don’t hesitate to call as I am always happy to help.

Disclaimer: Please note all information contained in this report is merely our opinion, it should not be relied on or considered advice.