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Market Report October 2016

By Ian Campbell

Market Update
The Sydney property market is certainly heating up with auction clearance rates approaching record levels.

Auction clearance rates of 84.4% were recorded in late October, up from the previous week of 80% and worlds away from the comparatively dismal rate of 64.4% for the same weekend last year. The market is now at its highest level since the peak of autumn last year where it recorded boom-time results, says Domain Group Chief Economist Dr Andrew Wilson.

Low stock levels are contributing to the high clearance rates, with auction numbers well down on last year’s levels. However, the last weekend in October saw a healthy 800 homes going under the hammer, well up from 628 and 674 properties on the two previous Saturdays.

Stock levels continue to be a major factor driving our local market. While there has been a trickle of properties coming onto the market in spring, it certainly hasn’t been enough to meet the strong demand. This acute lack of supply combined with low interest rates mean those vendors who are listing their properties for sale are generally enjoying outstanding results.

Kings Cross Controversy

A proposal by 65 property owners to sell off the most famous block in Kings Cross to property developers will certainly create controversy.

Both state and local government authorities will need to weigh up community considerations with the demands for premium inner city property.

Under the plan, two high-rise towers comprising of 500 apartments worth at least $1 million each would be built on the 5311sqm parcel of land, once home to more than 20 of the most famous Kings Cross nightclubs in Darlinghurst Road. The rezoning of the area would be just one of many hurdles the consortium would have to negotiate to make the plan a reality.

Little Ray Of Giving Shines Again

This Christmas our office is once again taking part in the Ray White “Little Ray Of Giving” appeal with the assistance of Kings Cross Rotary. Keep a look out for our Christmas tree in the office window over the coming weeks. We invite you to place a gift wrapped present suitable for a primary school aged child under the tree.

In recent years we have donated the gifts to needy local children including those at local Plunkett Street School in Woolloomooloo, bringing joy to many.

Selling Before Christmas?
There is still time to hold a pre-Christmas auction, but don’t delay. Speak to one of our helpful sales team today on 9331 9600 to find out how we can achieve an extra Christmas bonus for you!

To receive our weekly Local Property Guide by email,
please email your request to:
Ian Campbell
Principal of Ray White Elizabeth Bay

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