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.
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Do you think the Prestige Market will rally even further?