Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory & buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Saturday, 10 December 2016
Auctions strengthen again
Nationally the preliminary auction clearance rate increased to 76.6 per cent this week.
Melbourne reported a very strong 80.7 per cent preliminary clearance rate from 1372 auctions, a solid improvement on the prior week.
The median auction price in Melbourne was $800,000.
Sydney also reported a higher preliminary clearance rate of 76.2 per cent from 908 auctions.
The median auction price in Sydney was up slightly to $1,250,000.
I don't pretend to have many special insights into the weird and wonderful vagaries of auction reporting, but the Sydney results intuitively look to remain very strong, at least in the locations that people want to live in.
Elsewhere in the more regional and lifestyle locations the figures were unsurprisingly much weaker.
For example, there were half a dozen rental units auctioned in Byron Bay - which isn't really in Sydney anyway, it's a couple of days drive north, and almost in Queensland - with no positive results reported.
I haven't driven the several hundred clicks out to Taree since the halcyon days before, alas, the Big Oyster became a car dealership, but there were quite a number of ~$70,000 studio units passed in. with no positive results to be found.
The vendors have been seeking a somewhat ambitious $89,000 apiece, though I suppose the yields must be alright if rented for $150 to $165 per week.
Compare these non-results with, say, Surry Hills (another 100 per cent clearance rate), or the beachside suburbs of Coogee and adjacent Randwick in the eastern suburbs where everything either sold prior or was sold under the hammer.
Or Elizabeth Bay and Rose Bay in eastern Sydney on the harbourside, where everything flew off the shelves too.
Lower north shore suburbs such as Mosman, Lane Cove, and Lane Cove North saw everything that was touched turning to sold without missing a beat.
Ditto Hornsby, Pymble, and Lindfield on the upper north shore, where everything was snapped up, while St. Ives and St Ives Chase saw a perfect 12/12 peddled.
In the inner west, the same can be said of Marrickville (again), Strathfield, Rozelle, and Newtown.
I guess it's a truism to say that it's a multi-speed market, but it does seem to be a particularly apt description in this case.
As the year draws to a silly season close, Sydney's popular inner- and middle-ring markets are still travelling strong.