From: Owen .
I copied this from the Australian Financial Review site. Sellers market means home prices boom. What a great time to own Sydney real estate.
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Home sales clearance rates soar
Jul 10
Susannah Petty
Sydney home sales have stormed into winter with an unusually robust 76 per cent June auction clearance rate, figures from CPM Research show.
The result marks the fourth month in a row that clearance rates have surpassed 70 per cent - a phenomenon which has been recorded only three other times in the past 20 years.
Combined with a slim property supply and a lift in prices, the conditions gear the market for a surge in spring listings as vendors rush to capitalise on the prime conditions.
"Month to month the market continues to improve," said CPM Research managing director Mr John Wakefield.
"We've seen four consecutive volume increases since February, and still the market shows distinct signs of a shortage of supply. It's a real seller's market."
At 76 per cent, the June auction clearance rate is a 43.4 per cent rise on last year's June tally of 53 per cent. It is also 8.6 per cent stronger than June 1999, when the residential market was in the throes of its last boom.
For houses alone, clearances jumped from 49 per cent in June last year to 73 per cent last month. Notably, there was very little difference in sales volume, with agents putting 731 properties to auction last June compared with 732 listings in June this year.
In overall terms, the gap was greater. A stock shortage saw 1,173 homes put to auction last month, 84 properties shy of the tally for last June.
Semi-detached dwellings returned the strongest June auction result with a staggering 91 per cent clearance rate - a 20-year record.
Units and townhouses were also buoyant with a 78 per cent June auction clearance rate.
On a dollar basis, June house auctions grossed more than $379 million, followed by units and townhouses at $122 million and semis and terraces at $69 million. Overall, 896 properties were sold in June compared with 701 in May and 664 in April.
I copied this from the Australian Financial Review site. Sellers market means home prices boom. What a great time to own Sydney real estate.
=============================================
Home sales clearance rates soar
Jul 10
Susannah Petty
Sydney home sales have stormed into winter with an unusually robust 76 per cent June auction clearance rate, figures from CPM Research show.
The result marks the fourth month in a row that clearance rates have surpassed 70 per cent - a phenomenon which has been recorded only three other times in the past 20 years.
Combined with a slim property supply and a lift in prices, the conditions gear the market for a surge in spring listings as vendors rush to capitalise on the prime conditions.
"Month to month the market continues to improve," said CPM Research managing director Mr John Wakefield.
"We've seen four consecutive volume increases since February, and still the market shows distinct signs of a shortage of supply. It's a real seller's market."
At 76 per cent, the June auction clearance rate is a 43.4 per cent rise on last year's June tally of 53 per cent. It is also 8.6 per cent stronger than June 1999, when the residential market was in the throes of its last boom.
For houses alone, clearances jumped from 49 per cent in June last year to 73 per cent last month. Notably, there was very little difference in sales volume, with agents putting 731 properties to auction last June compared with 732 listings in June this year.
In overall terms, the gap was greater. A stock shortage saw 1,173 homes put to auction last month, 84 properties shy of the tally for last June.
Semi-detached dwellings returned the strongest June auction result with a staggering 91 per cent clearance rate - a 20-year record.
Units and townhouses were also buoyant with a 78 per cent June auction clearance rate.
On a dollar basis, June house auctions grossed more than $379 million, followed by units and townhouses at $122 million and semis and terraces at $69 million. Overall, 896 properties were sold in June compared with 701 in May and 664 in April.
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