We will soon run out of superlatives when describing the Real Estate market in Sydney as we coast through another week of consistent Auction numbers.
I must stress that the Auction clearance rate is not the salient indicator of the property market but a key indicator of performance. When buyer confidence is down, Auction clearance figures are affected ultimately displaying buyer feedback.
With that, our clearance rates are providing us with our best evidence that the market is appearing to be stable in this peak growth we are in, rather than fluctuating. It may be bullish to suggest the market may continue at this rate, however historically we somewhat rely on market fluctuation, in any market.
Auction clearance rates were up at 85% which suggests that our buyer confidence is in fact still glowing.
With 636 properties listed for auction 522 took place which also suggests that there is still stock, not at last years levels, but it’s there – 460 properties were recorded to have been sold under the hammer last on Saturday.
The median market price for a home in Sydney after last weeks Auctions was recorded at $1,100,000.
Good buying, good selling, good luck.
Thomas Merriman
Thomas Merriman 