Key takeaways for the 4-week period ending August 2:

• A record-high share of homes are selling fast: 46% of homes sold within the first two weeks on the market, the highest level since at least 2012 (as far back as our data on this measure goes).
• Home sale prices were up 9% year over year to another new all-time high of over $311,000. “The combination of ultra low inventory, very high buyer demand, and super duper low interest rates is a very successful formula for sellers, not so great for buyers,” said Brian Morales, a Redfin agent in Orange County,

A Randwick home in the same family for 40 years has sold for more than $6.75m — $1.5m above the guide price and smashing the suburb record by $350k. It hit the market yesterday.

McGrath agents Stephen McMorrow and Angus Gorrie instantly had buyers fighting over the Federation home on a rare 836 sqm block at 53 Govett St.

The deal was done this afternoon, though negotiations had already started when it was off-market. It’s understood the purchasers are a family from Paddington.

Explaining the huge result so