Sydney Auction Clearance Rates Pick Up
Sydney’s auction clearance rates hit a six month high on the weekend buoyed by hopes of an interest rate cut and relief that banks were unlikely to tighten lending further after the banking royal commission.
This will make good for investors to re-enter the market as well as first home buyers to capitalise on current properties for sale at lower prices than 12 months ago.
In the last 3 years the Sydney property market increase by about 80%, thus a correction to pricing was imminent to regain the confidence of buyers and in turn, make the Vendors understand their increased values could not sustain in the current economy.
Now that the dust has settled with the banking royal commission, consumers have been further informed on monetary aspects that may impact them in the future.
Confidence levels are slowly rising with higher property enquiries and more potential Buyers attending Open Homes and Auctions.
Written by Gino Sottocornola