There was always going to be a lot of interest surrounding the Auctions across Sydney on May 2 being the weekend after a long ANZAC weekend with no real Auction activity.
It would seem that this interest was both agent and buyer based as, depending on which report you read, the Auction clearance rates were at the absolute peak of what we have seen in recent history.
With a massive 699 Auctions listed to take place 580 were reported as going up for sale on Saturday.
Of this 580 properties, 530 were reported to be sold under the hammer giving us a percentage of 89% and in some reports up to 90% cleared under the hammer – the typical sale method in this current market.
There is speculation circling today – May 4 – that tomorrow will bring another interest rate cut. Seeing Auction clearance rates at these soaring heights, and with no hint of stock dwindling to hit the market, there is still a strong view of property in Sydney.
For Vendors, the sentiment is; capture the rising, or peaking market. Similar hype for buyers, in this market, however seemingly irrespective of rising prices they look to capture low interest rates.
Looking in on the market it would seem that the security in Sydney property regardless of the type of market and price paid, people seem to recognise the ‘future-proof’ style of investment ‘bricks-and-mortar’ give people in Sydney.
Although there was a large number of properties reported to be sold at Auction, the median sale price was still high at $995,500, this means that there is not just cheap property being flicked frivolously at Auction, expensive property is moving. For the record, there was $486,353,500 worth of property sold on Saturday.
Let’s keep going.
Thomas Merriman.
Thomas Merriman 