The Sydney property market is as robust, colourful, and resilient as the buyers, investors, tenants, and residents who choose to call the Eastern Suburbs – home. The October Property Market demonstrated the same robust, colourful, and resilient characteristics.
The RBA yesterday determined interest rates will hold steady until 2025, they vigilantly have the tough job of managing Australia’s overall economic health, and keeping inflation moving in the right direction. This decision (even if we don’t love it) in itself gives sellers clarity and buyers confidence – more of the same until 2025 – of which there are only 8 weeks left.
Interestingly interest rates and Sydney’s auction clearance rates have had a direct inverse correlation. Over the course of this year as interest rates held steady, the Auction clearance rates headed in a downward trajectory starting at 69% in February this year shifting to 61% in October (Domain). As observed by Dr. Nicola Powell, Chief of Research and Economics at Domain, rising interest rates and living costs have made buyers more cautious.
Our team at The Woollahra Group would echo the same sentiment as Dr Powell, and given this we take the approach of working very closely with qualified buyers across all price points. This has seen our team achieve results that differ vastly from the broader Sydney market.
Ray White The Woollahra Group Auction Clearance rates sit at 83% for the month of October, our average days on Market is 21 days, against a market average of 32 days. Furthermore our sales team launched 44 new properties to the market, meeting over 1,400 buyers across our 395 open homes. Properties from Bondi through to Potts Point, offering a broad range of opportunities for buyers ready to find a new home, and investors ready to transact before year-end.
October Sales
October saw several notable sales, each demonstrating unique value propositions that drew strong interest from investors and lifestyle buyers alike.
55 Grosvenor Street, Woollahra: Known as ‘Kinkora,’ this tri-level Victorian terrace exudes timeless elegance after a meticulous custom renovation. Represented by Randall Kemp and Lisa Chadd, the property’s quick sale before auction underscored its appeal as one of Woollahra’s grandest homes.
910/3 Kings Cross Road, Darlinghurst: Represented by Shannon Cleary, this property is part of the iconic ‘Altair’ building, a contemporary landmark designed by Engelen Moore. Positioned at the edge of Potts Point, this architecturally significant property stood out for its bold design and enviable location.
Two of our team’s “spring favourites” new to the market include the French Provincial inspired 22 Attunga Street, Woollahra and 22 View Street, Woollahra of the acclaimed architect Mark Sheldon, a home showcasing expansive views over Cooper Park and a resort style pool area. These cleverly designed homes celebrate everything that is living in the heart of the Woollahra Village.
Record-Breaking Leasing Activity and Low Vacancy Rates
On the property management front, our team has maintained strong momentum. In October alone, The Woollahra Group leased 45 properties with an average time of just 7 days on the market. Our vacancy rate of 2.75% remains significantly below the local average, highlighting the effectiveness of our leasing strategies and tenant selection processes. According to Head of Property Management George Lambrou, “as the weather warms up we will continue to see solid tenant demand into the end of the year.”
Looking Ahead: A Busy Spring Selling Season
If you are researching the market, considering your options, or planning for 2025, our team of experienced property advisors are here to assist. For investors and buyers looking to discuss your property plans or learn more about the current market, get in touch (02) 9357 3434, or download your complimentary property report to begin your property research journey.
THE HAUS | 257A OXFORD STREET, PADDINGTON
Privately nestled just behind Paddington’s exclusive shopping strip lies an elegant architectural prism, revealing an unexpected expanse of light and scale. The Haus is a sculptural masterpiece, revealing unexpected depths of form and proportion.
Set on some 670 sqm of residentially zoned land, 257a Oxford Street, Paddington offers 1278 sqm of internal floor space over four distinct levels with lift access and some 226 sqm of external floor space with invaluable secure lock-up garage for 8 cars.
Zoned Residential with Commercial use rights the property presents a unique opportunity for redevelopment as either commercial or residential. For a private inspection contact Ben Vaughan or Randall Kemp.
View property here.
Randall Kemp 0415 818 966
Ben Vaughan 0419 655 519
For Sale by Expression of Interest.
18-20 OXFORD STREET, PADDINGTON
This prime mixed-use property is situated along the vibrant retail strip between Jersey Road and Queen Street, serving as a gateway to Centennial Park, Sydney Cricket Ground, and Allianz Stadium.
The property is occupied by the esteemed Wine Library, which operates on a long-term lease with options and attractive fixed increases. Attracting consistent foot traffic during events, this property is poised to benefit from the area’s amenities, both now and in the future.
For a private inspection contact Randall Kemp or Brodie Kemp.
View property here.
Randall Kemp 0415 818 966
Brodie Kemp 0413 582 131
As November draws to a close, Sydney’s Eastern Suburbs property market continues to show its trademark resilience. The team at The Woollahra Group had a standout month, selling 38 properties and launching 24 new properties to market, solidifying our local reputation as trusted experts. But what’s truly driving the property … Read more
As the traditional spring selling season commences, our team have an abundance of new stock coming to market seeing a 19% increase in new listings this September versus the same time last year. Over September our sales team met over 1,200 buyers at open homes and generated over $40 million … Read more