Monday, 22 August 2016

Sydney : Property Auctions Rebooted

Boom-time buyer impetus has returned enthusiastically to Sydney, with the auction market giving a remarkable result at the weekend, fully charged by lesser interest rates and flooding investors.

Sydney recorded its greatest weekend clearance amount in more than a year and the 2nd successive weekend spike since the Reserve Bank thought to cut interest amount to a record low 1.5% a week ago.

The 82.8% outcome was higher than the 79.4% recorded the past weekend and above the 79.7% recorded on the same weekend previous year.

Relatively fewer auction numbers continue to add to high clearance amounts, with firm competition among potential clients for available properties. Although the 471 auctions listed on Saturday were greater than the past weekend’s 394, numbers stayed well below the 727 auctioned on the same weekend previous year.

Regional outcomes were remarkably persistent, with every area sharing in the booming market.

The upper north bank recorded the greatest clearance amount at 88.9% and the highest sales at 48. This was followed by the lower north shore at 87.5%, the south at 86.3%, the northern beaches at 84.4%, the central coast at 83.3%, the northwest at 81.8%, the inner west at 81.1%, Canterbury Banks t
own at 79.3%, the west at 78.3%, the southwest at 77.8 %and the city and east with a clearance amount of 77.1%.

Sydney recorded a middle auction price of $1,020,500 on Saturday, which was below the $1,191,000 recorded the past weekend. Saturday’s median was also 5.5% lesser than the $1,080,500 recorded on the same weekend previous year. A total of $290.9 million was reported sold at auction in Sydney at the weekend.

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