Amid speculation that the RBA will drop the official cash rate again at the next meeting, buyers confidence levels are spiking slightly. However, this could also be the product of low stock levels and fear of constant rising prices also.
Sydney, and most of the East coast of Australia was pummeled by strong winds and cold air over the weekend but, once again it did nothing to dampen spirits at Auctions.
The Clearance rate was up around 77% which is quite strong ANYWAY but especially for the middle of Winter.
There were originally 357 Auctions scheduled to go up at the weekend and 251 reportedly taking place. Of those, 206 were reported to have sold and 16 withdrawn for whatever reason.
The big number from the weekend is a $1,210,000 median sale price for property under the hammer at Auction. There was an article released during the week which finally acknowledged that the median ‘home’ price in Sydney was above $1M, this is different to HOUSE price and obviously the home price takes into account the apartment market also, which by itself is still below $1M.
Thomas Merriman.
Thomas Merriman 