While the Sydney property market has certainly lost steam since earlier this year, it hasn’t stalled altogether. Instead, a more realistic mood is prevailing at auction rooms and open homes.
Despite the fact clearance rates have dropped to just over 64 per cent, it must be remembered the number of properties being offered for auction throughout October is also a record, culminating in a staggering 1100 auctions for the last weekend of the month.
It is also important to keep in mind the fall in auction clearance rates has been more acute in particular areas of Sydney. Our office has enjoyed a 93% clearance rate since February 2014, including auctions sold prior, under the hammer and within 14 days of the auction.
Certainly the recent interest rate rise by the big four banks came as a surprise to many, but it must be remembered rates are still at historically low levels. This factor, along with low supply levels in our area augers well for the market over the next few months and into the New Year.
RWEB Sponsors Sculpture by the Sea Artist
Our office is proud to announce we are once again the major sponsor of artist and environmental activist Marina De Bris who played a key role in the opening ceremony of Sculptures by the Sea.
Marina’s costumes – which she created from rubbish found in the ocean – were modelled in front of a VIP audience at the Marks Park opening in late October.
Marina hopes her costumes will inspire others to reduce ocean pollution and our environmental footprint – certainly a worthy cause!
Little Ray of Giving Shines again
Ray White Elizabeth Bay is once again taking part in this Christmas appeal in conjunction with Kings Cross Rotary. Keep an eye out for our office Christmas tree over the coming weeks. We invite you to place a wrapped children’s gift under the tree which we plan to give to local Plunkett Street School.
Act now for a pre-Christmas auction
There is still time to arrange a pre-Christmas auction, but don’t delay. Speak to one of our helpful sales team to arrange today on 9331 9600 to see how we can help you achieve the best price.