Real estate agents are gearing up for another buoyant weekend for Sydney’s property market, after the city’s clearance rate hit its highest level in more than two decades.
Excerpt of Article by Kate Burke – Domain 12th. Feb, 2021
Damien Cooley, of Cooley Auctions, sold eight out of 10 properties at in-room auctions on Tuesday night – including a Randwick house that drew 10 bidders and sold for $1.3 million above reserve. He expected to see strong buyer activity continue this Saturday.
“Put simply the market is booming. Buyers are being aggressive in the way that they bid. They’re making strong opening bids, aggressive increments, and the confidence in the market is lending itself to confident bidding.”
Damian Cooley from Cooley Auctions
Given auction volumes are still low, Mr Cooley said the clearance rate would come under more pressure in the coming months as more properties hit the market. However, given the strength of buyer demand he expected the clearance rate to continue to hold through to Easter.
“Our pre-Easter [auction bookings] are already very strong,” Damian said. “There’s more property coming on the market, but the buyer demand is so strong that it will keep clearance rates high.”
“Even the apartment market is starting to pick up.”
- Posted by The Goldman Brothers
- On February 12, 2021
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