It feels like October 2014 again, there is Real Estate hitting the property market, there are buyers hitting the streets and vendors blowing leaves away for open homes all across Sydney. Also, there are Auctioneers working hard – or easy, as the case may be – to get clearance rates back up to our historical heights from 2014.
A few economical factors may be contributing to our buyers’ confidence such as; low interest rates, falling Australian dollar or solid return on stocks in the Australian stock market, however, it would seem the desirability of living in a piece of Real Estate in Sydney just seems to be the main attraction at this point.
With the median sale price up at $919,000, it would be obvious that the high clearance rate is not just attributed to cheap property or large quantities of property, as there were 453 Auctions listed of which 372 took place leaving 320 to be sold under the hammer at the weekend.
While Auction clearance rates are up at 83% this doesn’t take into account property sold prior or private treaty sales but it does give us confidence for the future – at this point.
Thomas Merriman.
Thomas Merriman 