According to data from CoreLogic, Mosman is the fastest selling area for units of the local property market, with an average listing duration of 20 days.
For house sales, it’s Crows Nest, where homes are on the market for an average of only 28 days.
Last year, Crows Nest homes spent an average of 77 days on the market and Mosman units — 44 days.
Belle Property Mosman principal Tim Foote said this year’s severe lack of stock has created an ideal sellers’ market, with listed properties moving in much faster time frames due to pent-up buyer demand.
“Stock for sale in Mosman was lower than anticipated post-Easter and this continued throughout May,” Mr Foote said.
“The latest data shows stock for the month of April in Mosman was at its lowest level in at least 10 years and about 22 per cent down on April last year.
This lack of stock is enhancing selling conditions even further for sellers.”
McGrath Neutral Bay principal Nigel Mukhi has also witnessed a recent change in local buyer behaviour.
“Buyers are now generally more aggressive in their approach when a property does hit the market, and they are prepared to move fast to potentially knock out the other buyers,” Mr Mukhi said.
National Property Buyers CEO Ashley Koenig suggests now is the time to take advantage of the highly sought-after lower north shore property market.
“It’s a great time to consider listing your prestige home to capitalise on the large pool of buyer demand,” Mr Koenig said.
Originally published as Sydney’s booming ‘burbs...Read more