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Buyers’ enthusiasm for Sydney property still at boom-time levels

Sydney’s auction market has roared into autumn with an 83.3 per cent clearance rate, which continues on from February when every weekend rate was above 80 per cent. This weekend’s result was just below the extraordinary 85.5 per cent on last weekend’s super Saturday, but ahead of the 82.4 per cent recorded over the same weekend last year. The current four-weekend average clearance rate of 84.2 per cent is just above the previous four-weekend period of 84 per cent, reflecting the remarkable consistency of the market so far this year. There were 681 homes listed to go under the hammer at the weekend, compared with the 622 auctioned over the same weekend last year. February had the highest-ever number of auctions for that month with 2222 listings, compared with the previous record of 2197 reported over February last year. The lower north shore reported the highest clearance rate at the weekend with a strong 91.4 per cent, indicating continued solid buyer activity in Sydney’s prestige markets. Next best was the south with 87.7 per cent which has been recording consistently strong results over the past month.

Read more: http://news.domain.com.au/domain/real-estate-news/buyers-enthusiasm-for-sydney-property-still-at-boomtime-levels-20150309-13ys62.html

 

DISCLAIMER: This disclaimer is a requirement of the Securities Industry Legislation Act. The writer of this article is not a practicing lawyer or financier. The information, statements and opinions expressed are intended only as a guide as to some of the important considerations to be taken into account relating to property investment. I strongly suggest that you consult with licensed professionals such as accountants, Lawyers, Valuers, Development Consultants, Quantity Surveyors and others, BEFORE signing any contracts or other binding documents.