Market wrap for Strathfield – Burwood – Ashfield February 2023 quarter

By Dr Nicola Powell Chief of Research and Economics

February saw Sydney’s clearance rate jump to a sixteen-month high, at 69%. This marks the first annual improvement since late 2021 and the first time it has climbed above 60% in almost a year. At a time of declining property prices and worsening mortgage affordability, the performance of clearance rates can be a good indication of buyer confidence and the strength of the property market. Historically, clearance rates tend to seasonally bounce early in the year and are often higher than the previous year closed. This is why it’s too early for us to use this as a measure of green shoots but if it continues, it could be a further sign of stablisation.

Auction Market

Houses

109 66.4% 26 20

Units

70 64.3% 18 16

Days on market

The average number of days Strathfield – Burwood – Ashfield properties were advertised for, in the last 3 months

61.0 days – Houses 99.3 days – Units

Origin of enquiries

55.9%  of sales enquiries in Strathfield – Burwood – Ashfield came from outside the area.