1. Skip to navigation
  2. Skip to content
  3. Skip to sidebar

Property News

Sydney clearance rates lower than expected

December 12, 2011

The large number of residential properties listed for sale may have had an adverse impact on the recorded clearance rate over the weekend (December 10 and 11), according to an industry expert.

Over 600 homes were put up for auction over this time - however, a large number were withdrawn and the resulting sales only numbered in the mid-200s, producing a clearance rate of 50.1 per cent.

Dr Andrew Wilson - senior economist for Australian Property Monitors - indicated in his article in the Sydney Morning Herald (December 12) that there had been a "downward trend" in clearance rates over the last few weeks.

He said that the spring season had not delivered its usual bounty of high auction rates, despite a number of factors that combined to produce some excellent incentives.

These included stamp duty concessions for first home buyers as well as a number of vendors "keen to sell" before the end of the year.''

However, Wilson was quick to point out that this situation could reverse in 2012, with recent rate changes by the Reserve Bank of Australia being passed on to mortgage holder by a substantial amount of lenders.

Wilson wrote: "Despite a relatively quiet spring selling season in Sydney, a platform for increased buyer activity next year is gradually being established."

Related Articles

New Sydney suburb fast tracked for completion

Now could be the perfect time to consider purchasing investment property in Sydney's new ...
read more

NSW mid-coast areas declared natural disaster zones

Residential property dwellers in flood ravaged parts of New South Wales have been given a helping ...
read more

Hospital redevelopment kicks off in Campbelltown

Residential property dwellers in Sydney's south-west region are set to benefit from a ...
read more

Latest Articles

Increased construction figures across New South Wales highlight investment strength

Buyers looking for a great area to consider land investment and property construction in the near ...
read more

Regional Victorian home values increase significantly during last 12 months

Regional Victoria has seen house prices rise again during the last quarter, with new data ...
read more

RP Data: Quarterly rental data highlight slowing capital market

Owners of investment property could be interest to see the latest statistics from RP Data, with the ...
read more