IPS commented back in October that city-wide property prices moved an impressive 0.9% in just one week. While growth rates and figures are useful, it is not always possible to demonstrate this with real life examples. In the property market especially, it is notoriously difficult to get two identical sales that can be used to accurately gauge market conditions. Notwithstanding, IPS has identified two recent sales that provide a vignette into the true pace of the Sydney residential property market.

To point out the level of growth and eagerness of some buyers to secure their ideal property we can look at the recent sales of two adjoining semi-detached homes in Marrickville. 54 Frampton Avenue (a 287sqm block) and 56 Frampton Avenue (a 292sqm block) – both very nicely presented Victorian Semis comprising of two bedrooms, single bathroom and parking for two cars each via rear lane access. 56 Frampton Avenue traded for an impressive $900,000 on the 21st of September. Just two months later , the adjoining 54 Frampton Avenue sold for $1,000,000. On as close to an “apples with apples” comparison, dare we suggest that this represents a market movement of 11% in just two months?! While this may seem dramatic, in areas such as Sydney’s inner west, it is, much to the chagrin of many buyers, closer to reality than many might like.

 
               56 Frampton

Two neighbouring, identical properties; 54 and 56 Frampton Avenue, Marrickville. Number 56 sold in November for $900,000.Just two months later, 54 sold for $1,000,000, indicating just how much momentum the Sydney market has gathered.

Across the city, and with the Christmas break approaching, buyers are becoming increasingly eager to wrap up their long and exhaustive property search and wind down for the holiday period. With the prevailing low interest rates we are seeing buyers paying a premium just to get their foot in the door and we expect the frenetic buying activity to carry right the way up to the Christmas break. We’re seeing agents catering to this by way of auctions scheduled for as late as 21th December whereas, traditionally, most agents would aim to finalise campaigns no later than the first or second weekend of December.
 

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