High Clearance Rates & Buyer Confidence driving Inner West Property Market

High clearance rates and buyer confidence driving inner west property market

 Record low interest rates and the prospect of greater access to finance is driving a recovery in the inner west property market.
The growing optimism from buyers is seeing eight out of 10 homes now selling either prior or at auction every week in the inner west.

Over the past five weeks, the inner west has had an average clearance rate of 82.60 per cent, according to CoreLogic’s latest auction data.

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This past weekend had the best clearance rate over the five week period with 87.87 per cent of all stock selling, while the weekend of June 24 had the lowest clearance rate of 76 per cent.

Home auction in East Lindfield

Eight out of ten homes in the inner west are either selling at or before auction. Tracey Nearmy/Sunday Telegraph

  

The renewed confidence appears to not only be sending clearance rates north, but also property prices.

REA data shows for the second month in a row growth to the inner west median sale price, with a 1 per cent jump in June. This is an improvement from May’s 0.1 per cent increase. The 1 per cent growth is the best increase in the Sydney region.

Richardson and Wrench chief auctioneer Peter Baldwin said inner west buyers are not only more confident but feel the market isn’t going to drop anymore.

“Buyers are eager to get in now as no one wants to miss out on the bottom,” he said.

Home auction in East Lindfield

Auctioneer Peter Baldwin believes property prices in the inner west are as low as they will go. Picture: Tracey Nearmy.

“I do believe we’ve hit the bottom of the market, and this has come more than a year ahead of when we expected prices to stop falling.”