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Kate

Investors Boost Sydney Property Auctions

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Increased activity by investors in the Sydney market is an important factor driving higher-than-usual winter sales – and can be expected to continue.

The Sydney winter auction season began in earnest last weekend with results unsurprisingly reflecting the strong level of buyer activity that has characterised the housing market all year.

Last weekend's exceptional clearance rate of 76.9 per cent was again more than 20 percentage points higher than last year's rate over the same weekend.

Listing numbers were also again well up on a year ago with 458 properties going under the hammer compared with last year's 402.

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And 11 Sydney properties were reported sold for over $2 million last weekend, the best result so far this year for the subdued prestige market.

This weekend's auction listings are again encouraging, with 432 properties scheduled to go under the hammer, solidly higher than last year's total of 371 auctions over the same weekend.

The inner west is again the most popular region for auction listings on Saturday with 67 properties listed, followed by the upper north shore with 57, the city and east with 53 auctions and Sydney's south with 47.

Ashfield has the most auctions this weekend with seven properties scheduled, followed by Eastwood, Ryde, Bankstown and Bronte with six auctions each.

The Sydney weekend auction market is set to record one of its best winter selling seasons. The market is currently tracking at its highest level for more than a decade.

As expected, cyclical factors such as low unemployment, rising confidence and low interest rates are boosting the normally subdued market during winter.

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How far the property market has come. There's such a huge bubble here that I'm scared to think what else can happen in the market. It's hard enough to find a decently priced place to stay, much less one that doesn't require you to take out a self storage unit so that you can own extra things. Hopefully the bubble comes down soon - so many people need to find a home!

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As you know that winter is coming and the most important Christmas is also arriving. So, there may be boost in house buying. It is a good time for the investors.

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