Many thought prior to the Federal Election, that the Sydney property market was not the right place to invest. But despite uncertainties, Sydney’s home auction market has only strengthened in recent weeks. In one week the weekend clearance rate was 73.5% and a week later, 75.4% with the main driver being Sydney’s market is characterised by fierce competition between buyers, over smaller pools of property.
Last year 605 properties went to auction on the same weekend that this year was just 419. As expected, it was way ahead of the 200 auctioned over the election-day weekend.
In most regions and the Eastern Suburbs in particular, the Sydney home-auction market continues to record robust results for sellers with strong buyer competition for listings.
Although the Reserve Bank has left interest rates on hold over July at a record low 1.75%, it is very possible there will be a further reduction sooner rather than later – perhaps as soon as next month.
Low and falling interest rates supports buyer and seller confidence with strong competition amongst banks for mortgage customers also driving housing demand.
DESPITE the COVID-19 pandemic, an Associate Director and Sales Executive from the most successful Australian real estate business within the Ray White network has sold six properties totalling more than $15,500,000, in just 10 days. The highlight of the six deals was the $3,500,000-$3,700,000 sale of 1 Shaw Street (pictured above) in … Read more
IT WAS a chilly night in Sydney but that didn’t stop nine eager bidders from turning out for the hotly contested Ray White Double Bay auction at 113 Victoria Road, Bellevue Hill. Sold by Double Bay Managing Director Elliott Placks and agent Alan Fettes, the four bedroom home went under the … Read more