market review...devine’s auction clearance rate across sydney’s inner west is: 89.2% 97 83% 32...
TRANSCRIPT
MARKET REVIEW2206 NSW Oct - Dec 2020
2020 Inner West Market Wrap
Where do we start when it comes to summarising the 2020 property market across the Inner West?
The year got off to an incredibly strong start with momentum continuing from late 2019 resulting in a high volume of sales and auction clearance rates hovering around 80%. In fact February was a record month at Devine in terms of sales prices and turnover, even stronger than in the peak of Spring 2017 which was largely reflected across the Inner West.
No one could predict a world wide pandemic would shut large parts of the economy down with the property market severely impacted by the banning of on-site auctions and open homes.
The industry adapted rapidly embracing technology including online auctions, digital signing of contracts and documents and virtual tours of homes.
During these early days many experts predicted unprecedented price adjustments with many claiming prices would fall by up to 30%. Cooler heads countered this argument by suggesting property historically, during financial crises, tends to be a safe haven to invest in. As 2021 is dawning it’s proving the cooler heads appeared to be the wiser.
Upon reflection the resilience and strength of the Inner West property market finds its geneses through a collaboration of:
• The lowest interest rates in history (RBA cash rate 0.10%)
• Low supply levels and strong demand from buyers• Expats returning home to live in a safe environment• Record levels of household savings in 2020
In the final quarter of 2020 the market bounced back to pre-covid sentiment particularly in the house segment. Whilst the unit market generally has shown signs of improvement, given a combination of significant volumes of new stock and falling yields has resulted in much smaller growth.
Investors have generally been disappointed with falling rents in 2020 which has come about as a result of the following factors:
• The absence of overseas students and the immigration tap being turned off
• Record unemployment• ‘Airbnb’ properties returning to the traditional rental
market increasing supply• Completion of significant new construction across
the Inner West
Right now the rental market is at the bottom of the cycle however we are predicting that as more Covid vaccines come to market combined with Australia currently being the envy of the rest of the world, we are likely to see rents slowly begin to rebound, most likely towards the 2nd half of 2021.
Our predictions for the 2021 sales market is likely to continue to see strong growth underpinned by continued low volume of transactions. The Reserve Bank Governor, Philip Lowe, recently made the unusual prediction that interest rates will continue to hold at record lows for at least the next 3 years, further fuelling price growth.
If a possible move in 2021 is on your radar or you want an update on the property investment market I’m only a phone call away and would be happy to assist with your property needs.
2206 NSW
Total saleslast 3 months
RECENT ACTIVIT Y
Percent Auctionslast 12 months
Average Days on Marketlast 12 months
Sales Pricelast 3 months
Lowest Median Highest
Houses
Units
Devine’s Auction Clearance Rate across Sydney’s Inner West is: 89.2%
97 83% 32
$180,000 $1,400,000 $2,914,000
$257,000 $845,000 $1,210,000
SALES STATISTICS
Houses Units
Recent Sales
PROPERT Y ACTIVIT Y
HOUSE
4 Bed 2 Bath 1 Car
19B BANKS ROAD
EARLWOOD NSW 2206
UNDISCLOSED 24/12/20
UNIT
2 Bed 2 Bath 1 Car
6/22 CLARKE STREETEARLWOOD NSW 2206
$257,000 21/12/20
HOUSE
3 Bed 2 Bath 2 Car
12 WOODLAWN AVENUE
EARLWOOD NSW 2206
$1,505,000 19/12/20
HOUSE
3 Bed 1 Bath 1 Car
68 HOMER STREET
EARLWOOD NSW 2206
$1,706,000 18/12/20
HOUSE
0 Bed 0 Bath 0 Car
12B DORIS AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 18/12/20
HOUSE
3 Bed 2 Bath 2 Car
1-3 FLERS AVENUEEARLWOOD NSW 2206
UNDISCLOSED 17/12/20
HOUSE
3 Bed 1 Bath 2 Car
5 MORGAN STREET
EARLWOOD NSW 2206
$1,630,000 12/12/20
HOUSE
2 Bed 1 Bath 2 Car
14 WOODS PARADE
EARLWOOD NSW 2206
$1,600,000 12/12/20
HOUSE
4 Bed 3 Bath 2 Car
10 BARDWELL CRESCENT
EARLWOOD NSW 2206
$1,750,000 09/12/20
HOUSE
3 Bed 1 Bath 1 Car
28 VERA AVENUE
EARLWOOD NSW 2206
$1,750,000 09/12/20
HOUSE
0 Bed 0 Bath 0 Car
20 GRETCHEN AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 09/12/20
HOUSE
3 Bed 1 Bath 2 Car
12 HILLSIDE AVENUE
CLEMTON PARK NSW 2206
$1,200,000 08/12/20
Recent Sales
PROPERT Y ACTIVIT Y
HOUSE
3 Bed 2 Bath 2 Car
26 LEONORA STREET
EARLWOOD NSW 2206
$1,415,500 08/12/20
HOUSE
5 Bed 3 Bath 2 Car
48 FLERS AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 08/12/20
UNIT
2 Bed 1 Bath 1 Car
8/97 HOMER STREETEARLWOOD NSW 2206
UNDISCLOSED 05/12/20
HOUSE
4 Bed 2 Bath 3 Car
16 SPARK STREETEARLWOOD NSW 2206
$2,190,000 05/12/20
HOUSE
3 Bed 1 Bath 2 Car
43 MALLEY AVENUEEARLWOOD NSW 2206
$1,460,000 30/11/20
UNIT
2 Bed 1 Bath 1 Car
7/136 HOMER STREETEARLWOOD NSW 2206
$730,000 28/11/20
HOUSE
3 Bed 2 Bath 1 Car
29 SHAW AVENUEEARLWOOD NSW 2206
$1,340,000 28/11/20
HOUSE
3 Bed 2 Bath 3 Car
104 BAYVIEW AVENUEEARLWOOD NSW 2206
$2,250,000 21/11/20
HOUSE
3 Bed 2 Bath 2 Car
51 EARLWOOD AVENUEEARLWOOD NSW 2206
$2,330,500 21/11/20
HOUSE
3 Bed 2 Bath 2 Car
7 MACQUARIE ROADEARLWOOD NSW 2206
$1,600,000 21/11/20
HOUSE
5 Bed 4 Bath 1 Car
8 NARANI CRESCENT
EARLWOOD NSW 2206
$1,750,000 21/11/20
HOUSE
3 Bed 1 Bath 1 Car
48 FRICOURT AVENUE
EARLWOOD NSW 2206
$1,550,000 21/11/20
Recent Sales
PROPERT Y ACTIVIT Y
HOUSE
4 Bed 2 Bath 4 Car
121 WARDELL ROAD
EARLWOOD NSW 2206
$1,900,000 19/11/20
HOUSE
3 Bed 2 Bath 1 Car
12 FROST STREET
EARLWOOD NSW 2206
UNDISCLOSED 18/11/20
HOUSE
3 Bed 2 Bath 2 Car
78 PERMANENT AVENUE
EARLWOOD NSW 2206
$1,700,000 18/11/20
HOUSE
3 Bed 1 Bath 2 Car
3 MACLEAY PLACE
EARLWOOD NSW 2206
$1,300,000 16/11/20
UNIT
2 Bed 1 Bath 2 Car
15/3-3A BASS ROADEARLWOOD NSW 2206
$955,000 13/11/20
HOUSE
3 Bed 2 Bath 2 Car
5A HAMEL CRESCENT
EARLWOOD NSW 2206
$1,370,000 07/11/20
HOUSE
3 Bed 1 Bath 2 Car
40 PRINCE EDWARD AVENUE
EARLWOOD NSW 2206
$2,290,000 07/11/20
HOUSE
3 Bed 2 Bath 2 Car
69 RIVER STREET
EARLWOOD NSW 2206
$1,130,000 05/11/20
UNIT
2 Bed 1 Bath 1 Car
13/162 HOMER STREETEARLWOOD NSW 2206
$750,700 31/10/20
HOUSE
3 Bed 1 Bath 1 Car
31 RICHARD AVENUE
EARLWOOD NSW 2206
$1,351,000 31/10/20
HOUSE
2 Bed 1 Bath 1 Car
57 BEDFORD STREETEARLWOOD NSW 2206
$912,000 30/10/20
HOUSE
3 Bed 2 Bath 2 Car
115 MINNAMORRA AVENUE
EARLWOOD NSW 2206
$1,335,000 28/10/20
Recent Sales
PROPERT Y ACTIVIT Y
HOUSE
4 Bed 1 Bath 1 Car
6 VERA AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 28/10/20
HOUSE
5 Bed 4 Bath 4 Car
22B WELLINGTON ROAD
EARLWOOD NSW 2206
$2,410,000 27/10/20
HOUSE
3 Bed 1 Bath 1 Car
25A ALFRED STREET
CLEMTON PARK NSW 2206
UNDISCLOSED 26/10/20
HOUSE
3 Bed 1 Bath 2 Car
24 WOLLI AVENUE
EARLWOOD NSW 2206
$180,000 23/10/20
HOUSE
3 Bed 2 Bath 2 Car
45 TASKER AVENUE
CLEMTON PARK NSW 2206
$1,225,000 23/10/20
HOUSE
0 Bed 0 Bath 3 Car
35 FRICOURT AVENUE
EARLWOOD NSW 2206
$1,640,000 23/10/20
HOUSE
2 Bed 1 Bath 2 Car
20 GLENVIEW AVENUE
EARLWOOD NSW 2206
$1,275,000 22/10/20
HOUSE
4 Bed 2 Bath 2 Car
11 BARNES AVENUEEARLWOOD NSW 2206
UNDISCLOSED 21/10/20
UNIT
4 Bed 3 Bath 3 Car
10/70-74 WARDELL ROADEARLWOOD NSW 2206
$1,210,000 21/10/20
HOUSE
4 Bed 2 Bath 1 Car
55 HAMILTON AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 17/10/20
HOUSE
5 Bed 4 Bath 2 Car
19 COLLINGWOOD AVENUEEARLWOOD NSW 2206
$2,914,000 17/10/20
UNIT
4 Bed 3 Bath 1 Car
1/13-15 BASS ROADEARLWOOD NSW 2206
$1,124,000 17/10/20
Recent Sales
PROPERT Y ACTIVIT Y
HOUSE
3 Bed 2 Bath 4 Car
8B NELSON ROAD
EARLWOOD NSW 2206
$1,736,000 17/10/20
HOUSE
0 Bed 0 Bath 0 Car
165 WARDELL ROAD
EARLWOOD NSW 2206
UNDISCLOSED 14/10/20
HOUSE
0 Bed 0 Bath 1 Car
60 MAIN STREET
EARLWOOD NSW 2206
UNDISCLOSED 12/10/20
HOUSE
3 Bed 2 Bath 1 Car
7 RIVER STREET
EARLWOOD NSW 2206
$1,485,000 10/10/20
HOUSE
4 Bed 2 Bath 2 Car
32 MAIN STREET
EARLWOOD NSW 2206
$1,450,000 10/10/20
HOUSE
3 Bed 2 Bath 4 Car
59 EARLWOOD AVENUE
EARLWOOD NSW 2206
$2,570,000 10/10/20
HOUSE
2 Bed 1 Bath 1 Car
7 POTTER AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 09/10/20
HOUSE
4 Bed 2 Bath 2 Car
2 BAMBOO AVENUE
EARLWOOD NSW 2206
$1,265,000 09/10/20
UNIT
2 Bed 2 Bath 1 Car
8/27-33 HOMER STREETEARLWOOD NSW 2206
UNDISCLOSED 07/10/20
HOUSE
0 Bed 0 Bath 0 Car
105 BAYVIEW AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 07/10/20
HOUSE
0 Bed 0 Bath 0 Car
52 KITCHENER AVENUE
EARLWOOD NSW 2206
UNDISCLOSED 06/10/20
HOUSE
3 Bed 1 Bath 1 Car
89 THOMPSON STREET
EARLWOOD NSW 2206
$1,251,000 03/10/20
Recent Sales
PROPERT Y ACTIVIT Y
UNIT
2 Bed 2 Bath 2 Car
10/27-33 HOMER STREETEARLWOOD NSW 2206
$850,000 02/10/20
HOUSE
5 Bed 4 Bath 5 Car
13 VIEW STREETEARLWOOD NSW 2206
$2,500,000 01/10/20
HOUSE
4 Bed 2 Bath 2 Car
1D CALBINA ROAD
EARLWOOD NSW 2206
UNDISCLOSED 01/10/20
Vacancy RateSydney Market Devine Real Estate
Median Rental Pricelast 12 months
Rental Yieldlast 12 months
Number of Rentalslast 12 months
Houses
Units
/w/w
Houses Units
Median Weekly Rent Trends
RENTAL STATISTICS
4.1 2.74
$670 2.5% 231$500 3.59% 135
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Prepared on 8/01/2021 by Devine Real Estate.
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