Sydney Market Continues Strong Performance
Owners looking to list real estate in Sydney are heading towards a hot spring selling season this year, as the market continues to post strong sales results and activity throughout the end of winter.
Auction clearance rates in the state capital have continued to register "extraordinary results" throughout the month, according to a September 23 article from the Australian Property Monitors.
Inner west suburbs achieved an auction clearance rate of 95 per cent during the weekend of September 21 and 22. This high rate was also evident in the Western Sydney property market, however the number of properties up for auction was lower.
Australian Property Monitors Senior Economist Dr Andrew Wilson has attributed these high clearance rates to the heightened level of buyer enthusiasm in the Sydney market.
"Clearance rates in Sydney’s weekend auction market are now approaching the record levels reported during the great housing market boom of autumn 2002," said Dr Wilson in the article.
Interest rates in the lending market are low and this makes the option of securing a property extremely attractive for many buyers.
In turn, cash rate cuts over the last 18 months have aided the level of affordability in Sydney and across the country substantially.
Furthermore, returns on investments in the Sydney market are strong. RP Data reported that dwellings were achieving total gross returns of 11.7 per cent during the month of August.
It's not just auction clearance rates that are high in Sydney either. Many people listing houses for sale are achieving very good prices for their properties.
An alarming level of sales excesses were found to have occurred over a two week period, according to a News Limited analysis of 50 sales in a September 14 article on News.com.au.
The research recorded a total of $61.5 million of property sold through auctions. This translated into an excess of $6.46 million achieved above the sale price guide – an average of $129,900 per home sold under the hammer.
This coming spring season could be a great chance for anyone thinking of listing their homes for sale, as the market is predicted to continue its strong performance over the next few months.
"Another weekend and another extraordinary result for Sydney's weekend auction market in what is shaping up to be the hottest spring selling season ever recorded in Sydney," concluded Dr Wilson.