A Changing Property Market

On Saturday Sydney wide auction clearance rates were at the highest level they have been in 12 months showing 68% of homes taken to auction sold before or at auction. The biggest increase in clearance rates is in the more expensive parts of Sydney with the Eastern Suburbs leading the way clearing 72.8% last weekend and the Northern Beaches at 72.1% not far behind. We are seeing a more confident market and buyers are acting quicker and more decisively than we have seen in the previous 12 months.

”A clearance rate of 60 per cent is considered a balanced market, while a higher result indicates property prices are likely to be rising. A result of 70 per cent is broadly correlated with 10 per cent annual price growth” (SMH Domain).

We are seeing is more properties coming up for sale and selling than last year. Many at stronger prices. On Saturday we have handful of open for inspections, including a pre-market viewing of a large family home at 46 Heathcliff Cres Balgowlah Heights. Let me know if you would like more info on this one.