See Change and Richard Feynman . let's hype the sydney market thread .

What do think this block of land is sold in auction for A$966K at Westmead today?

The first bid was 800K. An elderly in the local was very surprised for this bid and said the bidder has no brain.
 
Sydney is still a sellers' market: John McGrath

Sydney is still a sellers market

Sydney is going to remain a seller?s market for some time yet, according to estate agent John McGrath.

He said it was surprising to see media reports describing the Sydney property market changing to favour buyers.

"We are still very much in a sellers? market because buyer demand is so far in front of supply, even with the additional stock coming onto the market today," he blogged on the Switzer website.

"The fact that the clearance rate on the second weekend of November dipped to 75% in Sydney does not indicate a change in market sentiment ? it?s just a reflection of a big jump in volume and that?s only happening because vendors are feeling supremely confident, not because they?re panicking."

As the property cycle was only two years old ? and typically last three to five years - he maintains Sydney was still on a long-term growth trajectory.

"There is still room over the next couple of years for another 5 to 10% growth in prices in key high quality Sydney markets."

Cliff
 
see_change said:
Depends on how long ago .

The Sydney market is still moving up at around 15 %

Cliff
Click to expand...

I went looking:

http://www.switzer.com.au/the-experts/john-mcgrath-property-expert/2014-mcgrath-report-sydney/ said:
Published: Tuesday, September 16, 2014

We must remember that much of Sydney?s growth over the past 12 months has been catch up for lost ground during the GFC when prices either slumped or plateaued for several years. I believe Sydney has 10 - 20 per cent growth left in it this cycle over the next few years
Click to expand...

15% sounds realistic to me.
 
Sat 22nd auction preview

Sat 22nd auction preview

High auction numbers continue to test the Sydney market with another weekend of record-level activity.

Record numbers of late spring auctions are impacting results with buyers increasingly spoilt for choice as sellers surge into the market before the end of the year shut down.

November is set to record the highest number of auctions ever conducted in Sydney over a month with November 29th shaping as close to an all-time record day for auctions with over 1000 properties listed.

870 homes are scheduled to go under the hammer this Saturday which is similar to last weekend?s 875 and well ahead of the 754 listed over the same weekend last year.

While we have record auction listings , in my local area I'm seeing the total number of listings dropping down . There were minimal new listings this week as Christmas is now only five weeks . There are ongoing high levels of sales , most of which aren't going to auction , so I'm wondering how relevant the slight decrease in auction clearances are .

On the auction front I'm still seeing some houses selling above expectations with highly competitive auctions . One property with 2 mill expecations sold last week for over 2.2 .

It will be interesting to see what happens leading up to Christmas.

Cliff
 
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