The national clearance rate for auctions has firmed up to 72.8 per cent on preliminary numbers with buyer activity rising from population growth.
Already a subscriber?Almost 20 first-home buyers and downsizers were knocked out of the running for a simple two-bedroom Marrickville apartment after it sold on the weekend for more than 30 per cent higher than its original auction guide.
After bidding opened at $820,000 only three of the registered parties took part, with the rest of the hopeful buyers not willing or able to compete at the higher price.The final result illustrated how the better than expected start to 2024 for the residential property market has been driven by population growth and supply shortages, as well as vendors liquidating after a run of interest rate rises, SQM Research founder Louis Christopher said.
The Marrickville sale was one of 1700 properties sent to auction across the country’s capital cities last week. Nationally, the preliminary auction clearance rate for the week was 72.8 per cent, slightly up on last week’s 71.8 per cent, according to data house CoreLogic.Auctions were down significantly on last week’s 2665, but this was largely due to the long weekend in Victoria. Melbourne’s preliminary clearance rate dropped to 66.
“Sydney is a market that, I think, is rising in value in at a similar rate to what we had over the course of 2023.”Sydney’s listing volumes have also stayed at higher levels than last year, with 891 Sydney auctions this week compared to 659 at the same time last year.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hunt for two men after fire breaks out in industrial unit in Revesby in southwest Sydney7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Man arrested after body found on street in Mount Pritchard, in Sydney’s southwest7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
'Historic difficulties' force Sydney pizza chain into administration, 120 jobs at riskThe majority of Bondi Pizza&x27;s Sydney restaurants have fallen into administration as difficulties that emerged during the COVID-19 pandemic continue to impact the chain.
Read more »
Former Female Staff at Sydney's Elite Cranbrook School Warn of 'Toxic' CultureFormer female teachers and staff at Sydney's elite Cranbrook School for boys raise concerns about a 'toxic' culture as the school prepares to admit girls in 2026.
Read more »
New generation of Sydney ferries to enter harbourA new generation of Sydney ferries are just weeks away from service.
Read more »
Sydney's new airport will operate without traditional air traffic control towerInstead, there will be a 45-metre mast fitted with 20 high definition cameras beaming live feeds back to a data centre.
Read more »