It has been a good winter so far, with regards to the property market, we have certainly bucked the slow Winter trend – I think three years in a row now.
Buyers have hung around and new buyers have joined the ranks, subsequently vendors have jumped onto the wagon and it looks like we may get a bit of a swing toward momentum, again.
We had 60 groups at one inspection on Saturday and over 30 at two others, showing a great strength in buyer confidence and an obvious lack of choice.
There were 419 Auctions originally scheduled for last weekend with 299 going under the hammer and 34 withdrawn for whatever reason.
With 251 successful Auctions we had a Clearance Rate of 75% which is yet another successful week above 70% for our solid Sydney property market.
The Median sale price for property sold at Auction was slightly down compared with other weeks but still above the Sydney ‘Average’ at $1,045,000.
Some of you reading this may not be aware of changes to ‘foreign buyer’ policy which are ‘cracking down’ on regulations for buyers from overseas. Some of the new restrictions require all people selling a property (for over $2M) to apply for a tax clearance certificate from the ATO which will be provided to purchasers. There are implications to buyers and vendors if this certificate is not present, I would suggest a conversation with a Conveyancer or Solicitor (although most SHOULD know) the onus is on the Vendor.
Only Australian residents will be issues a certificate and there are implications for foreign owners.
For a comprehensive breakdown of this policy CLICK HERE to see the ATO rundown.
Happy selling, Happy buying.
Thomas Merriman.
Thomas Merriman 