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Sydney property auction sales hits two-year high
Country: Australia
9 February 2009
Demand for homes in Sydney, Australia, reached a two-year high at the weekend, after the property auction clearance rate reached 71%, up 15% on the corresponding weekend in 2008, and 21% higher than the previous weekend.
The boost in Sydney was spurred by cheaper mortgage borrowing costs, following the Reserve Bank’s decision to cut its interest rate by 1% to 3.25% last week, the lowest in 45 years.
Experts estimate that the first bounce in the Australia property market will occur in Sydney, particularly in the western suburbs mortgage belt, where property prices have remained stagnant for quite some time.
Australian Property Monitors senior economist Liam O'Hara told the Australian Business that it was too early to predict a market revival. “It is a huge lift, but it's a weekly result and we don't know whether this is a one-off, or if there is going to be a permanent level of confidence,” he said.
Unfortunately, the recent rate cut had little impact on Melbourne’s property market, after the city was hit by extreme weather, causing the bushfire crisis, which saw property sales in the Melbourne market reach record lows.
Just 79 properties were put on the market at the weekend, compared with 327 residential units for the corresponding weekend last year.
Australian Property Monitors report that the Melbourne clearance rate was 43%, down 20% from the previous weekend and 28% from the corresponding weekend in 2008.
The volume of homes listed for sale at auction also fell significantly in Adelaide and Brisbane. In Adelaide, just 19 homes went under the hammer, compared with 67 for the corresponding weekend in 2008. In Brisbane, 31 properties were put on the market, compared with 50 last year, with a 31% success rate recorded.
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