Demand for real estate in Sydney has once again proved that its strong 4-year run is far from over, with the city’s auction clearance rates nudging 80% last weekend.
James Pratt, Director, Raine & Horne Auction Services, said Sydney property market activity was also stronger as a consequence of many cashed-up buyers returning to the market.
“Now the holiday season is over and the kids have returned to school, owner occupiers and investors are back looking to secure a suitable Sydney property,” said Mr Pratt.
Although listings in Sydney are down almost 15% year on year, the demand has not dropped and there are still a large number of buyers and investors returning to the marketing in 2016.
Success stories include 2 bedroom, waterfront apartment located in Manly, which had 55 groups come through for inspection on the weekend, according to Toby Hutton, Co-Principal, Raine & Horne Manly.
“This property is new to the market and these numbers are comparable to the open homes we were conducting midway through 2015, when the market was at its peak. We’re expecting very solid bidding for this apartment come auction day, Saturday 5 March,” said Mr Hutton.
Proving the renewed auction interest, Raine & Horne Marrickville last night held an in-rooms auction at Rydges Hotel, Camperdown, with the real estate firm selling 80% of properties on the night.
The results were headlined by the sale of an original double-fronted Victorian home at 22 Yule Street, Dulwich Hill, which achieved a price of $2 million after having 99 groups through the open for inspection.