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Market Report December 2016

By Ian Campbell

Market Update

The Sydney property market maintained its strong momentum in the lead-up to Christmas, with both auction clearance rates and buyer numbers remaining high.

Our office experienced a 100% auction clearance rate during the usually quieter month of December with the “silly season” turning serious for many keen buyers hoping to secure a pre-Christmas purchase.

All our auctions were crowded with properties attracting numerous registered bidders. Most sold well above the reserve, with a one bedroom unrestricted company title apartment in St Neot Avenue with no parking or lift selling for $865,000 – more than $150,000 above reserve.

We expect the market to open on a positive note next year, with the first quarter possibly being the strongest as those who missed out in 2016 continue their buying activity in the New Year.

“Little Ray of Giving” success

Ray White Elizabeth Bay would like to extend a big thank you to everyone who participated in our “Little Ray of Giving” Christmas appeal.

We collected dozens of presents for needy children including those at local Plunkett Street Primary School. Also thanks to our partners at the Kings Cross Rotary who helped deliver the donated gifts. There were smiles all round!

Holiday Season Opening Hours

Just a reminder our office will close on Friday December 23 at 5.30pm and will re-open at 8.30am on Tuesday January 3, 2017.

Ray White Elizabeth Bay would like to wish all our clients a very happy and safe festive season. We would also like to thank you for your ongoing support throughout 2016 and we look forward to assisting you in 2017.

Sell sooner rather than later in 2017

If you are thinking of selling in 2017, we recommend acting now to ensure your property is one of the first on offer in the New Year, taking advantage of the current strong demand and low supply.

Speak with one of our helpful and highly skilled sales team today on 9331 9600.

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