Once again most media outlets with Real Estate commentary are making note of the continuing high clearance rates at auction across Sydney and the trend upward of prices of property sold. I feel that we are getting nearer to a negative news cycle about property but for now the stories seem to be capitalising purely on the sheer growth and strength.
Yes, there has been a lot of negativity spinning around first-home-buyers and access to the market for lower income families but that has become a political issue now, we can just wipe our hands of, I guess.
The current strength in the market seems to be the legacy of the past few years, people have become wealthy from property ownership and it continues to be a trading market for some.
Stories of developers snapping up building sites, knock down rebuild (KDR) sites are selling like hot cakes and renovated homes are netting investors money left, right and centre.
There were originally 940 Auctions scheduled last weekend with a dramatically high clearance rate of 80%.
The reason it is extraordinary when there is a high clearance rate when a lot of property is auctioned is that the amount of property sold under the hammer is obviously far greater. This just seems to be a continuing trend in 2017.
Thomas Merriman.
Thomas Merriman 