In a week where state lines are drawn, tribal colours are worn and slander against interstate rivals is encouraged in the workplace, I thought I’d dive in and see how the Queensland vs. New South Wales property game would measure up.
As a parochial Queenslander, I was feeling confident about this battle after a super successful night of auctions on Wednesday.
I fired the gavel multiple times on the night with 15 out of 20 auctions sold either under the hammer or before by the end of the evening. Four of those properties sold above $2 million dollars, two of which were more than $3 million.
There was an average of more than four bidders per property. So with my 75 per cent clearance rate, I opened dialogue with my good mate Jason Andrew, from Ray White in Sydney to see how they were measuring up.
Jason told me that last week Ray White Double Bay had 14 auctions with 13 selling before or on the night. Their clearance was 95 per cent totalling $55 million in sales with two stand out sales at 8 Rupertswood Ave, Bellevue Hill for $8 million and 23 Derby St, Vaucluse for $7.6 million.
Going through the numbers we put this one down as a win for the Blues and went on to game two.
On Wednesday night with 14 registered bidders I auctioned 184 Annie St, New Farm. The property was on 354sq m and the word renovator is a generous description!
It sold under the hammer, after a heated bidding exchange to $1.34 million.
After playing my ace I was eager to see Jason’s cards and hear what he’d sold in the last week that could top that.
Casually, he told me about a modest one-bedroom unit in Potts Point that he sold last week. I started to feel queasy. The unit was at 481/50 Macleay St, Potts Point and from the photos online I could see it was well presented but tiny.
By my rough calculations from the floor plan it’s about 55sq m. As his tone started to get bolder I could hear his smile through the phone as he told me they sold the property under the hammer for $1.050 million – NSW clearly taking the win.
We decided to continue our curiosity and had a quick look at the numbers. The first place to start is population, Sydney – 4.5 million Vs Brisbane – 2.2 million.
We then compared five markets and the numbers of properties for sale in comparable suburbs in each state. Check out the numbers:
Brisbane 371 Vs Sydney CBD 144
Ascot 94 Vs Double Bay 11
New Farm 117 Vs Surry Hills 41
Hamilton 207 Vs Bondi 25
Fortitude Valley 161 Vs Darlinghurst 30
In every area Sydney stock levels were considerably less than half the Brisbane equivalent. Add that to double the population and it’s a knockout property blow and a clean sweep for the Blues.
With talk this week of the Sydney market easing, you struggle to see how with such a limited number of properties for sale and such a huge volume of people wanting to buy. Competition fuels confidence and with Sydney stock levels shrinking combined with its massive population it becomes a lot clearer as to why this property powerhouse has continued to perform in the face of naysayers over the last five years.
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