how's the market looking?
archives
renewed signs of confidence
14th May 2013
The opening quarter of 2013 has seen a flood of new buyers taking advantage of the positive mood in the real estate market. For the first time in a long time that we can recall, auction sales exceeded the traditional private treaty sales. Clearance rates in greater Sydney for March hovered around the 70% mark, whilst at mcconnell bourn our March clearance rate was 91.67%. Interestingly 62.5% of the properties we auctioned sold at auction, with an average of 4.7 registered bidders per auction.
Some notable sales were;
• 16 Tristania Place West Pymble; sold for $145,000 above reserve with 13 registered bidders and 33 bids.
• 143 Bobbin Head Road Turramurra; sold for $100,000 above reserve with 10 registered bidder and 20 bids.
• 53 Shirley Road Roseville, sold for $175,000 above the adjusted reserve with 4 registered bidders and 211 bids.
Many of this year’s new buyers sat out last year on the sidelines; however, the interest rate cuts of late 2012 have proven to be a strong catalyst for prospective buyers, with plenty inspired to take action in 2013.
This new found optimism has been matched by several promising signs. At mcconnell bourn, we’re seeing the number of inspections increasing and attendance numbers at auctions rising measurably. Of course, all this is topped off by the fact that Australia hasn’t seen interest rates this low since the 1960s.