There will come a day when I sit down to write this post and Auction clearance rates have plummeted, buyer sentiment has hit rock-bottom and the idea of buying property in Sydney has become ever so slightly less desirable.
However, Today is not that day.
Sydney produced a typical result at Auctions at the weekend with clearance rates still bouncing away in the 80’s and buyers still filling the market with positive vibes.
Auction clearance rates were up at 84% with 750 properties originally listed to go to Auction, 608 were reported to have taken place. Of the 608 properties reported to have gone up for Auction, 543 were sold under the hammer.
While the Clearance rate is still up in record high percentages, the amazing thing after last weekends Auctions was the median price of property cleared under the hammer at $1,141,000 which is hundreds of thousands of dollars higher than media speculation for the new median property price of the future in Sydney.
There was an article written in the Australian Financial Review last week, of which I cant credit from memory, however, there was speculation that this ‘bull market’ could continue for another 6 to 8 months stating that booms typically last 2 to 2.5 years in Australia.
Will it?
Thomas Merriman.
Thomas Merriman 