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Market Report November 2016

By Ian Campbell

Market Update

The Sydney property market is showing no signs of the usual late Spring slowdown as we head towards Christmas.

Auction clearance rates have hovered around a healthy 80 per cent during November, well up on the same time last year.

Buyer demand has been extremely strong in our area and a lack of stock has resulted in some proactive buyer behaviour from those determined not to miss out. In recent months about a quarter of properties we have listed are selling before auction.

Meanwhile a 3 bedroom apartment we listed recently in the popular “Encore” building at 19-23 Elizabeth Bay Road, Elizabeth Bay didn’t even last on the market until the first “open house”. It sold for $2.5 million immediately following a preview inspection which was promoted directly to our buyer database.

Next month’s auctions are scheduled for 8th and 15th December 2016, at “Tusculum”, 3 Manning Street, Potts Point.

Selling in 2017?

If you are thinking of selling early next year, now is the time to speak to one of our highly experienced sales team.

We are expecting stock levels to be low and buyers to be back in big numbers early in the New Year. So take advantage of the extremely favourable conditions by calling us today on 9331 9600.

Little Ray Of Giving

Have you seen our Christmas Tree in our office window? Once again we are taking part in the Ray White “Little Ray Of Giving” appeal with the assistance of Kings Cross Rotary.

We invite you to place a wrapped present suitable for a primary school-aged child under the tree. We will provide a gift tag where you can note the age and gender appropriate for the gift.

In recent years, we have donated the gifts to needy local children including those at local Plunkett Street School in Woolloomooloo, spreading much happiness at Christmas time.

Festive Season Holiday Hours?

Ray White Elizabeth Bay would like to wish our clients a very happy and safe festive season. We would also like to take the opportunity to thank you for your ongoing support throughout 2016.

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

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