Buyers Begin to Make Their Move

Sydney's spring property selling season showed the first signs of coming to life last weekend with government policy initiatives and data released last week pointing to this trend continuing.

The weekend's auction clearance rate rose to 60.7 per cent, much higher than the previous weekend's 51.8 per cent and, more significantly, the highest weekend auction clearance rate in nearly two months. More than 350 properties were listed for auction in Sydney at the weekend - about the same number as on the previous weekend.

Of the 265 reported auctions, 179 were sold for a total value of $140.5 million, at an average of $784,916. The median price for houses sold was $850,500 and for units $517,000.

Buyer activity in the Sydney market is expected to increase during the rest of the year.

Data from the Bureau of Statistics revealed the monthly number of seasonally adjusted loans for owner-occupied homes in NSW rose 1.5 per cent in July, which was the fifth consecutive monthly rise.

Despite relatively subdued market conditions, the number of owner-occupied home loans is now 5.5 per cent higher for the seven months to July, compared with the same period last year.

The Government's announcement that the stamp-duty concession for first-home buyers will expire at the end of this year for the purchase of established properties has already resulted in a spurt of buying activity from First Home Buyers.

Interest rates also look set to remain on hold for the rest of the year.

Latest NewsBuyers Begin to Make Their MoveMonday, 02 October 2017

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