Savvy buyers eye all directions

ALL eyes are on Sydney's property market now spring, the hot spot on the selling calendar, has sprung.

ALL eyes are on Sydney's property market now spring, the hot spot on the selling calendar, has sprung. But as any savvy spectator knows, there is not just one Sydney real estate market, but possibly dozens of mini markets and a plethora of buyers with an ever-evolving list of demands.

After a winter of dampened clearance rates around the 50 per cent mark Damien Cooley, of Cooley Auctions, says if his August numbers are anything to go by, Sydney's set for a good spring selling season.

"It seems reduced stock levels, low interest rates, a shortage of quality property for sale, along with confidence returning to the market is having an impact because properties are selling,'' he says, adding that more serious bidders are coming to the table come auction day.

According to the Cooley Index Residential, the company's August clearance rate rose 8 per cent on the previous month to 60.1 per cent.

As a buyer's agent, Patrick Bright has clients looking to buy property across Sydney in the $500,000 to $1 million price point.

"Right now I've probably got slightly more owner occupiers than investors looking,'' he says. ``I'm seeing a few downsizers, but it's still very early days for baby boomers.''

While it might not be as strong a buyers' market as Sydney was earlier in the year, Bright says purchasers are being more conservative with their money and in many cases still have the upper hand.

"Anything priced above the suburb's median is generally buyer's market,'' Bright says.

Throughout Sydney what buyers want changes, but one theme remains the same: agents say buyers are savvier than ever before.

It's not really a buyer's market any more,'' says Ian Clarke from Belle Property Pymble.

"It was for the first six months of the year, but there seems to have been a shift in the last month or so,'' he says.

"There's also a hint of panic setting in amongst buyers in some areas; they want to lock in prices because they're getting the feeling the bottom of the cycle has been and gone, but I think you could say that it is a fair and even market.''

Property priced under a million dollars on the north shore is highly sought after.

"You're going to get killed in the rush,'' Clarke says.

"Most of our property is selling within 30 days if it is correctly priced, and that has always been the general rule.''
East Carl Wilson of Laing + Simmons Kingsford says buyers in the eastern suburbs are seeking both houses and apartments.

"But what's really strong is the $500,000 and up unit market for both investors and first-home buyers.''
Wilson also says the magic million dollar mark is where buyers are most active.

Around the city fringes, Scott Aggett of Belle Property Surry Hills says the desire for inner-city property is strong.
He says the demand from first-home buyers is increasing, especially between $400,000 and $800,000.

"There was a big push towards the end of last year when the state government lifted the exemption on stamp duty and then there was a lull,'' Aggett says.

In addition, Aggett says both owner occupiers and investors are competing for three-bedroom terrace houses.

"We're selling a lot off the open market, just off our database,'' he says.

"We've got the lowest time on market figures I've seen in 10 years of selling in this market -- it's unbelievable.''
South In the St George area, Matthew King of McGrath Brighton-Le-Sands and South Hurstville says there are three significant buyers' markets.

``You've strong demand in the unit market between about $400,000 and $900,000,'' King says.

"Then there is the flow-on house market where many buyers are upgrading and that tends to be around $750,000. Finally, there's the top end, which around us is about $1.4 to $1.5 million.''

"We've seen an increase in investors coming in and I think that's in line with the previous interest rate drops.

"We could probably see more investors competing in the market if the rates go down again. I think that's because a lot of them are looking for an alternative for their portfolio; they prefer to invest in bricks and mortar.''

Further south in the Sutherland Shire, Warren McCarthy of McGrath Cronulla, Sylvania and Menai says the local market is sitting on an ``even keel'' being neither a buyers' nor sellers' market.

"Generally first-home buyers and investors are looking between $400,000 to $800,000,'' McCarthy says.

"We've seen increased interest from investors who are buying through self-managed super funds.''

McCarthy says ``renovator's delights'' are hot property now, particularly for blocks of 600sq m or more.

"One thing that's surprised me about the market movements is that although the higher end around $2 million to $3 million is slow, there have been a number of notable sales between the $3 million and $6.5 million mark.''

West Sydney's west has several mini markets, says Paul Abassi of Laing + Simmons St Marys and Ropes Crossing.

"Around St Marys there's demand for homes in the $280,000 to $320,000 range,'' he says.

"And when you get to the newer area of Ropes Crossing, the sought-after homes are about $390,000 to $420,000.''

Abassi says a strong wave of investors has headed west, but first-home buyers are also back on the radar.

"There's still demand for those larger blocks above 600sq m for investors or families looking for a dual income opportunity,'' he says.

Abassi says property in St Marys has been selling quickly, some within the first week of listing and in Ropes Crossing the time is about a month.

In the southwest, Luke Mannion of McGrath Camden says spring has brought with it a slight lift in stock levels with local buyers demanding family-friendly ``good quality'' homes.

"We see demand around the median house price here which is about $450,000 to $500,000 and there are a lot more investors than in previous years,'' he says.

"I think investors from around Sydney are seeing the good value returns here and we've generally got a tenant lined up before settlement.''

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Caption: 4 Caringal Place, St Ives: $950,000+