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Property News

Buyers and sellers 'keen to make a deal'

January 31, 2012

Regardless of the fact that January tends to be a slow time of year for the NSW property market, many buyers and sellers are "keen to make a deal", according to one expert.

Tim McKibbin, chief executive officer of the Real Estate Institute of New South Wales, asserted that the week ending Sunday January 29 represented a "promising start" for property in the state.

While he admitted the 377 reported auctions held over the course of the period between December 19 2011 and January 29 was "characteristically low", there were other encouraging signs to look for.

He said: "The overall clearance rate of 59 per cent shows that some vendors and purchasers are keen to make a deal, irrespective of the time of year."

McKibbin added: "In a promising start for 2012, around 500 private sales per week were finalised during the break."

Sydney residential property remained stable during the last three months of the year, according to the REINSW. Steady median house prices recorded by the Australian Property Monitors' Quarterly Housing Report indicated that a slight turn-around in the market could be on the cards for 2012.

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