Sydney Clearance rates at record high for this time of year.

[see_change]

Sydney June 21st auction report

Date
June 22, 2014 - 8:09PM

Dr Andrew Wilson

Its winter but no real chill yet in the Sydney auction market


The Sydney home auction market remains on track to break the all-time June record for listings and sales following another robust result at the weekend. The market returned an auction clearance rate of 75.1 percent down slightly from last weekend?s result of 75.6 percent.

High listing numbers continue to be a characteristic of Sydney?s auction markets with 578 properties going under the hammer at the weekend which was 37.3 percent higher than the 424 auctioned over the same weekend last year.

Cliff

 

[Richard Feynman]

No surprises there.

 

[monalisa]

See change - do you think it will continue?

 

[charlieandkath]

Go Sydney Go

 

[see_change]

See change - do you think it will continue?

The reality is I'm not sure . I don't see any reason for the market to pull back significantly . We went to an auction on saturday in Turramurra and the property sold on the high side of expectations with several bidders , though none of them got carried away to bid over expectations. Most of the properties we've been looking at as comparables for our PPOR seem to be selling with not much coming onto the market , so supply seems to be decreasing.

From a personal view point I wouldn't be buying in Sydney , but that's more because we already have lots of exposure to the Sydney market .

Our main interest in watching Sydney is in determining when we sell our PPOR and at the moment we're thinking sooner rather than later because we're putting our lives on hold to a degree until we sell and at this stage of our lives we want to be doing other things .

We won't be selling any of the IP's we've bought in Sydney over the last four years . We'll buy more interstate and use the gains from those over the next 5-10 years to down the mortgage on our " core portfolio "

Cliff