Seller numbers expected to increase as Sydney & Melbourne property markets show positive signs

The Sydney and Melbourne property markets are showing ‘clear signs of recovery’ with auction clearance rates hitting more than 70 per cent in both the capital cities.

According to CoreLogic, Sydney hit 77.2 per cent and Melbourne delivered 73.6 per cent.

The trend now is very clear with interim results in the 60s and 70s in the past four weeks and final clearance rates above 60 per cent for that period.

This is significantly higher than the clearance rate of 52 per cent a year ago. Sydney-melb

He said a combination of the surprise election results, the RBA interest rate cuts, APRA’s changes to floor assessment and tax cuts, which would deliver more funds to households, all contributed to the confidence of the market and, consequently, higher clearance rates that were also connected to higher prices.

While volumes are still low, in this context it means sellers, generally, don’t feel the rush to sell.

However, further improvement in auction results and the turnaround in the market are likely to lead to an increased volume as sellers expect stronger demand for their properties and, therefore, are more confident to put them on the market.

The high end of the market continued to lead the way with extremely strong results in Sydney’s eastern suburbs with 90 per cent clearance rates, and both Sydney Inner West and Inner South West reaching 87 per cent.

In Melbourne the lucrative areas of the Inner East and Inner South continued with their consistently strong results this week delivering 77.3 per cent and 76.9 per cent, respectively.

fact: our markets are on the move
icon-podcast-large

Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Doron Peleg

About

is the CEO/Founder of RiseWise Property Review. He has more than 20 years’ experience in risk management including, Co-Founder of Peleg, Kessel & Co, an assurance and advisory accounting firm & Executive Manager at Westpac Banking Corporation in Sydney. www.riskwiseproperty.com.au/


'Seller numbers expected to increase as Sydney & Melbourne property markets show positive signs' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*


facebook
twitter
email