Mosman specialist agency Simeon Manners says some buyers are being very picky. They attracted between eight and 15 groups. He said there was stability at the top end, particularly around Mosman, but less urgency among buyers.
In Roseville, a dilapidated brick home with a tennis court on a level square-metre block with no conservation restrictions attracted a lot of interest with more than groups inspecting the property. At this time of the year, open houses normally attract high numbers of property punters but a big percentage of them are new buyers just entering the marketplace.
They want to do some research before they have arranged finance and are prepared to bid. Rather, they move when they have to move. Inner-west agent Jonathan Fordof the Property Sellers, said buyers at different price points were eyeing opportunities to buy at a discount.
They will look for opportunities for a larger property. Good-quality apartments in small blocks in the eastern suburbs did well at the weekend.
Sydney auction clearance rate up, but buyers still cautious
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Australian Financial Review
A greater volume of stock to choose from. Fewer buyers and less competition.LIVE Auction at Darlington
More time to consider the options, carry out the research and undertake due diligence. The best buying conditions for purchasers in at least 18 months.
There is a need for caution, however. This improvement this week, when the scheduled number of auctions rose to from the previous week is another move up, but could also reflect a seasonal bounce that market observers identify early in the new year and may not last. Official figures last week showed that new housing loans to first-home buyers and investors were at their weakest in almost seven years. Preliminary auction clearance rates by city, week ending 16 Febuary, Mr White said investors remain cautious, however, and that Ray White's own volumes of sales to investors were at their lowest level in six-and-a-half years.
Auction Results & Recent Sales
Scheduled auction numbers also picked up this week in Adelaide to 83 from 76 - and the preliminary clearance rate jumped to In Canberra, the number of auctions also picked up, to 52 from 46 but the initial clearance rate slipped to Credit Suisse analysts, like many other observers, say the east coast-led housing downturn has further to run and that the likely changes to negative gearing and capital gains taxes under a Labor federal government would dampen conditions in the short term.
This is why we have an upbeat view on the domestic space, six months forward from now. Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement.
Sydney, Melbourne auction clearances pick up. Michael Bleby Senior Reporter.