Sydney High On Momentum, Reveals ANZ Bank Data
Sydney has registered smart figures for more than one niche of property market performance. Michael Yardney for the Property Update reveals that it has topped the chart for maximum rise in trend home prices yet again. Its figures of 12.2% rise (year/year) is decidedly higher than that of Melbourne (8.2%), its closest competitor (courtesy ANZ Bank data).
Sydney is also doing phenomenally with auction clearance rates, posting 79% clearance for the week ending 3rd November. This is a tad lower than the +80% clearances Sydney has been posting of late but quite good nevertheless. Even the number of auction sales have risen sharply for the harbour city.
You can read the original article here.
What in your opinion is the reason for Sydney’s rise- paucity of available land, law of averages, or something else?