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Sydney’s property boom continues to gather pace with the weekend’s 86 per cent auction clearance rate set to make September the strongest month on record. The market buoyed by low interest rates and rising confidence.
Came from APM’s senior economist Dr Andrew Wilson. “It’s a boom auction market, there’s no doubt about that.” Wilson also says there is no price boom imminent as rising unemployment, low wages growth and low profit growth will keep a lid on prices. However, he expects to see a 10 per cent growth in median price growth in Sydney over 2013.
There are some encouraging signs at the top end of the market. “And that’s all about confidence”.
The highest-priced auction sale was $8.87 million for one of Strathfield’s most prominent home which went for more than $300,000 over the reserve price. This indicates that the market is substantially stronger than last year.
Popular auction firm Cooley Auction reported an 82 per cent clearance rate from the firm’s 71 auctions, many of those sold were modern homes.
In addition the head of SQM research Louis Christopher is predicting price growth of between 15 and 20% in Sydney next year.
“Sydney.. Is turning into a beast unto itself” he said.
Information taken from article ‘September strongest month on record’ featured in Domain on September 23rd, written by Stephen Nicholls.
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