Sydney property market news | How hot is the market right now?

Super Saturday* – 27 March, 2021 – was set to be the litmus test of the strength of Sydney’s hot property market.  According to, more than 1180 properties were scheduled for auction on the back of a run of record auction clearance rates for early 2021.

Well, what a result!  The clearance rate came in at 88% across Sydney, with some local areas demonstrating even stronger results.

A couple of tangible demonstrations of the hot market have been heavily reported in the media recently:

One: the tale of two adjoining semis in Varna Street, Waverley.

The first to sell, number 28 Varna Street, sold prior to auction for $2.671m on 10 February and the second, number 26 Varna Street, last weekend at auction for a whopping $3.322m, $822,000 over the reserve price.

  • Both sold by the same agent
  • Both on the same size block of 278 square metres.
  • Both have the same layout (although configured a little differently with 28 claiming an extra bedroom which 26 uses as a dining room)
  • Both in a similar condition (although the kitchen at number 26 is definitely more appealing!).
  • 26 currently has no off street parking whereas it’s neighbour has a long driveway with parking for multiple cars.

So a massive $651,000 price difference – or an increase of 24.4% in just 7 weeks!

Sydney property market news

Two: the resale of a home at 14 Cross Street Pymble

This two bedroom home was purchased for $1.88m at a time of great uncertainty on 20 March, 2020 just as the Covid lockdowns were taking place.

The same home has recently resold – on 21 March, 2021 – under the hammer again, and this time for $2.76m – a tidy gain of $880k or 46.8%.  All achieved with a lick of paint, the addition of a shower in the laundry plus the reversal in market conditions.

Sydney property market news

Crazy prices and market gains?  Or will we just look back on this in a few years, like we usually do, and think of these prices as cheap?  Time will tell…

*(defined as when 1000+ homes are scheduled for auction)