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Market review and a great time to sell!!

By Kenn Leong

Well the year is well underway….

The Sydney auction season commenced with a bang at the weekend with a strong clearance rate of 80.3 percent.

80 percent plus clearance rates became the norm over the spring selling season last year and clearly signalled a housing market climbing to boom-time levels. Over the 13 weeks between September and November 2013, Sydney recorded an extraordinary 12 Saturday clearance rates at or above 80 percent at an average of 82.7 percent – with the sole exception nearly there at 79.9%.

No surprise that record level auction clearance rates translated into boom-time house price growth for the Sydney market. The median house price surged 6 percent over the December quarter, the second highest quarterly growth level on record – and increased by 15.1 percent over the year, the fourth highest annual increase in house prices. The Sydney median house price finished the year at $763,169, an increase of $100,000 over 2013.

And last spring’s record auction activity was achieved despite record numbers of properties going under the hammer. This trend looks set to continue with 1467 homes scheduled for auction so far over February – an increase of 348 or 31.1 percent higher than the 1119 offered over February a year ago.

Saturday’s clearance rate of 80.3 percent compared to 71.4 percent recorded over the same weekend a year ago with listing numbers unsurprisingly also higher – 95 compared to last year’s 80.

The Sydney weekend auction market as expected has started 2014 with similar energy to last year’s booming spring market by recording a strong clearance rate. The market will be tested however over coming weeks with exceptional numbers of homes listed to go under the hammer.

Low interest rates are a key ingredient to rising buyer activity with buyers also advantaged by increasing competition amongst banks for mortgage market share.

This week the Reserve Bank meets for the first time in 2014 and although headwinds remain for the national economy rates are likely to remain on hold until the direction of the economy’s path becomes more apparent.

As always please feel free to call or e-mail me if you need any Real Estate advice or would like an updated opinion on the value of your home/property.

If you have a few minutes to spare click on this link,its a bit of light humour.

Daryl Rosen

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