After recording the hottest May since approximately the beginning of the Dreamtime, the month of June in Sydney has seen a distinct chill in the air.
The good news is that Friday saw us through the shortest day in Sydney on 21 June. Henceforth, we are officially underway on the countdown to spring.
This week sees the "Cool Yule" Xmas festival hosted down our way at Darling Harbour where you can 'get your skates on' if that sort of thing takes your fancy.
For some reason, the iceberg on the harbour was deflated this week, but I noticed last night that it has been reflated - perhaps a metaphor, for...
It's no wonder there is such a property obsession in this country.
The BRW Rich 200 2014 released this week showed that no fewer than 53 of the richest 200 persons in Australia had sourced their wealth through property.
And doubtless most of the other 147 invest much of their wealth into real estate.
There has been a lot of talk about the cooling of the Sydney property market in recent weeks.
Is it so?
Our view is that we think that it is, to a certain extent.
In short, there are so many more properties coming onto the market that buyer interest has been dispersed a little.
In fact, the Sydney market broke the record for the highest number of listings in June ever, and this was likely matched today with a record number of sales for the month of June too.
Some vendors have brought properties to the market with unrealistic expectations, of course, which always happens at this stage in the cycle, and this plays its part in driving down auction clearance rates a little.
APM recorded its preliminary auction clearance rate at 74.1%, which still represents a very strong market, and consistent with prices continuing to rise, but at a slower pace.
Indeed, make no mistake, the market is still in fine nick, with the median Sydney auction sales price today coming at a thumping $935,000.
In short, the Sydney market is still burgeoning, as next month's mortgage finance figures on July 11 appear likely to confirm, but the winter market is certainly of a less frantic nature than we were seeing in December last year.
Erko still hot
One location where the market has certainly not cooled is one of our old favourite suburbs, Erskineville.
Now known as "Erko", but previously referred to as "Irksomeville", the suburb has been the gift which simply keeps on giving for property owners, with unit values up yet again by another stinking 26pc over the past year.
Today saw a 2 bedroom apartment sell for $803,000, a truly unthinkable figure when we were buying in the suburb just 5 or 6 years ago.
Apartment prices in the suburbs are up by more than 55% since that time.
Reported SMH in today's article:
"The faint hum of planes overhead did not dampen the competition at the auction of 3219/2 Nassau Lane, Erskineville. All six registered bidders battled for the pet-friendly, designer courtyard apartment that sold in less than 10 minutes and $43,000 over reserve for $803,000.
The highest sustained capital growth in Sydney's inner western suburbs...whoever would have thought?
To be straight, however, the time to buy such apartments in Erskineville has long since past.
We are buying equivalent properties for $100,000 less in superior and more desirable locations, showing just how far out of whack certain parts of the inner west market are threatening to get.
Alas, no cheap movie tickets this weekend, so had to pay the full fare (an indeed irksome $18.50) to visit Opera Dendy Quays down on Circular Quay.
Watched The Trip to Italy starring the brill Steve Coogan. Loved it, but then as a long time fan of both Coogan and Italy in general, I would...8/10.