SYDNEY AUCTION MARKET RESUMES THIS WEEKEND

The Sydney weekend auction market resumes on Saturday following last weekend’s break in activity due to the Easter holiday break. Only 56 auctions were listed last Saturday with a reported clearance rate of 76.6 per cent.

Sydney recorded a boost in the auction clearance rate of 78.8 per cent at the weekend, which was elevated than the previous Saturday’s 76.6 per cent, but again well enough to beat the record of the same weekend last year which was 70 per cent.

Although arising as a good result for sellers, Saturday’s rate was to some extent down on the levels recorded over the past two months, which have established an 80 per cent+ benchmark on most weekends.

The Sydney auction market continues to produce deviating results with inner-suburban, higher-priced regions recording strong results compared to outer suburban areas – particularly to the west of the city where results continue to be subdued.

Lower mortgage rates have been a key catalyst in the rise of the late winter, early spring market, following official rate cuts in May and August.

Auction activity in Sydney will keep on rising through to the Queen’s Birthday holiday break in June, which will signal the beginning of the quieter winter auction market. Although auction listings are well below last year’s results at the same time, inner suburban clearance rates remain hopeful for sellers. However, weaker buyer activity is set to remain in lower-priced outer suburbs to the west, reflecting falling investor activity and recent strong prices growth subduing the market.

SYDNEY NIGHTLIFE CURFEW PROTESTING MARCH

Thousands of residents of Sydney, Australia came on streets to protect against the lockout laws introduced by the state government. They carried funny posters supporting the demolition of the law on demand of the people. They marched united with decorative posters with proud and for a purpose.

The huge protest came just two days after anti-lock out law campaigners #KeepSydneyOpen released a report stating that since the introduction of the 1:30 a.m. curfew on entering bars, pubs, and clubs in the city, alcohol-fuelled assaults are increasing — rather than decreasing, as lawmakers would hope.

Opponents say the laws are killing off the city’s nightlife with venues being forced to close and hundreds of jobs disappearing along with it.

"It's been an absolutely fantastic day and not only are we protesting the lockout laws and fighting for a better Sydney that stays open late and is more diverse and inclusive but we’re also showing Sydney’s best version of itself," says Tyson Koh, founder of Keep Sydney Open campaign.

“The lockout laws have seen Sydney’s nightlife leached away while the violence and aggressive atmosphere has just spread to other areas,”

The government requires central Sydney venues to turn people away from 1.30am, serve last drinks by 3am and ban the sale of takeaway alcohol after 10pm.

A number of measures were introduced following a number of one-punch deaths and assaults during alcohol-fuelled nights out.

Dr. Tony Sara told reporters in Sydney the number of victims of alcohol-related violence turning up at St Vincent’s Hospital had fallen by one-third since the laws were introduced.“All assaults have gone down by 32% and the number of severely injured persons has also gone down,” he said.

There have not been any deaths from alcohol-related violence or trauma since the lockouts, and there have only been three patients admitted to the intensive care unit for such violence, Sara claimed.

However, he said relaxing the laws for live music venues “could be a good idea” if proven effective through a small-scale trial.

The premier is already boomed the social media, with nearly 13,000 people commenting, mostly negatively, on his Facebook post in support of the government’s policy as the debate over the city’s nightlife grows increasingly heated.

Sydney: The Housing Bubble Trouble

Sydney: The Housing Bubble Trouble

Housing Bubble, one word that has been a headache for the Australian Real Estate market for quite a while now. The sharp increase in housing prices has affected the whole country and some cities seem to be more affected than the others. Furthermore, Sydney is the most risk-prone ones. Looking at the numbers, Sydney is currently one of the top four cities in the world that are most affected by the Housing Bubble trouble.

Experts say Sydney seems to have had an approximate 50 average percent increase in the house prices that are within the bubble risk zone. The city that was 4 years back somewhere near the bottom of the list of Asia-Pacific cities and has now managed to top the same.

Since 2012 the city has seen a sharp 45 percent increase in the prices. Though this year, the increase seems to be quite slow. Adding more to it, foreign investors, especially China have ignited the prices even more.

It’s a wave of global correction and Sydney seems to be sitting in the front row. The city has seen an increase of around 3.6 percent this year which seems slow for a year but at a cumulative view, this gets larger. The housing bubble seems to be not bursting anytime soon. As a matter of fact, not only Sydney but the whole Australian Real Estate Market seems to be facing the major blow and needs to handle the situation soon. For more information and updates about the same keep following us.