Latest Sydney Auction Clearance Report Fuels Optimism Further
Sydney housing market is turning out to be a flamboyant expression of the phrase “no holds barred”. At a time when the global property markets are either sending distress signals or showing flat growth, Sydney has developed quite an appetite for itself. Strong consumer sentiment can be clearly felt if you care to look at the auction clearance rates, reports an article on the Australia Property Monitors website.
Over 80% auction clearance rate for sixth week running
For the 6th consecutive weekend, Sydney has recorded in excess of 80% clearance rates. August is geared up to break all previous records. Western suburbs and the Upper and Lower North Shore regions are as close to crest as possible- former managing 93% and latter 89% auction clearance rates over the weekend.
Properties all around have sold at premium values
While a 3-bedroom property in Sydney’s West procured $973,000, a 4-bedroom deal fetched $1,908,000 in Upper North Shore. Not one to be left behind, Lower North Shore cracked a price sticker of $1,586,000 for an O’Gorman and Partners’ property.
‘85%-90%’ nothing short of a utopian figure
Just as some amount of ‘search’ (frictional) and ‘seasonal’ unemployment comes in the way of unemployment hitting zero level, auction clearance rates also cannot hit the utopian figure of 100%.
This is because a small number of properties, at any given time, will be in their price settlement stage. This, in my opinion, makes the Sydney auction clearance figures phenomenal.
High annual growth
Sydney has shown at least twice as smart annual growth when compared to other areas. 7.3% growth in housing prices is quite a statement in itself when the pan-Australian average has hovered close to 3.48%.
Median house prices a cause for optimism
Median house price figure of $715,000 is another highlight of the housing market in Sydney. Further, continued paucity of freely available land (a trademark of capital city) will ensure that the median house prices do not skyrocket all too soon. This is great sign for a market that has seen a correction recently and has rebounded with brilliant resilience.
