Now, as opposed to ‘doom and gloom’ articles, the media has slowly started to accept the ongoing positivity in the market with articles about the strong results NOT being completely negative.
Rather than explain them as completely random and unexplainable, the [media] outlets seem to be embracing the results now, as a new ‘clickbait’ that people are looking for.
The RBA kept rates on hold last week at the low 2%, which was the be expected. However, since the announcement that the rates would stay on hold, the market expectancy of a rate cut has gone from 7% to 42% (expecting a rate cut to 1.75%).
With the $AU set to continue it’s strength in climbing against the $US (namely) the opportunity, or necessity, to cut the rate may be what spurs the property market through Winter – again.
Auction Clearance Rates at the weekend were slightly lower than previous weeks but still above 70%, well, it was actually at 70% depending on which outlet one relies upon.
Originally, their were 523 Auctions scheduled to go up with 364 reportedly taking place and 287 reported to have sold under the hammer. 44 properties were reportedly withdrawn.
The big news, as always, the median sale price reported at Auction was up still at $1,210,000 which is showing we still have strength in property prices right across Sydney.
Thomas Merriman.
Thomas Merriman 