Sydney’s auction clearance for this Saturday has brought back memories of ‘boom’ time. Standing at 76.3%, the clearance rate has been the highest recorded in last few years. Inner West Sydney has been the winner with 83% clearance. A few believe that such an activity on the Prestige Market is the result of optimism in the stock market. Others are talking about the mortgage rate cuts as the prime reason for buyer response. Six Chinese buyers fighting over a Vaucluse property and bidding in excess of $5 million is a hearty sight. The prestige market has not been moving for some time now and 8 properties selling at more than $2 million each looks like a worthy change.
Derby Street auctioneers held five auctions including the Vaucluse property. Of them, two sold even before the auction and remaining went over the reserve bid. This fresh energy in buyers may also be because of visa changes. The changes aim to provide quicker entry to the foreign nationals holding property worth $5 million in Australia.
You can read the full article here.
Do you think the Prestige Market will rally even further?
Children may fall from windows that do not have a strong flyscreen or can be locked open beyond 12.5 centimetres. Fifty or more reports of such falls every year has not changed our approach. The new rules in place ensure that the properties built after May must have reinforced meshes or window locks in place. However, no one is discussing about the older properties. Much like the swimming pools and balcony railings, children should also be protected from window openings. Parents will agree that children are often too fast for them and do not have any idea of the risk associated with falling.
Lately, I came across an article which talks about the rising tendency of Australian youth towards renting/leasing property rather than buying it. You can read it 
The latest housing data shows a positive trend for Australian homes – fewer properties are selling at a loss.
