And so the sun again rises
This month in the Sydney housing market, Core Logic reports on the state of the market are again relatively buoyant, and are somewhat confirmed by stories such as that on Real Estate.com.au that says the Inner West and Northern Beaches are leading Sydney’s recovery – an example of which can be found here.
So confident is the market of the return to positive figures, that in fact that first paragraph was largely written before the CoreLogic results were even released. As Michael Janda, writing for the ABC notes, commentators far and wide are predicting an imminent if gradual recovery.
The Core Logic Market Update for the month did eventually confirm that the national overall month-on-month change to values is the ‘least weak’ since March 2018, in fact, with a 0.0% growth in either direction. In Sydney, the month-on-month values are at 0.2%; 0.1% higher than last month, which was then the first positive territory since the July 2017 market peak. As an aside, it’s not often you get to say that the month-on-month values actually doubled this month.
Interestingly, from a political perspective Lawless notes that the gradual slowing of the downturn (that started in January ‘19) may have had less to do with the Federal election than first thought, describing the slowing downturn prior to the election as ‘organic’.
Data also shows some very positive clearance rates for the week ending 28th July. The Real Estate Conversation cites CoreLogic to claim that not only was the clearance percentage up, but also the number of homes taken to auction was higher week-on-week (even if it was lower year-on-year).