Increased clearance rate, first success in autumn sales of Sydney property
Sydney Today, March 3, Australia Eastern Time, the autumn sales season in Sydney is approaching, although it is still early days, there have been signs of a positive recovery in buyer activity in the housing market. As an important indicator of the potential of the real estate market, the auction clearance rate has been increasing in the past four weeks. In addition, as the real estate market gradually recovered after the holiday, the number of auctioned properties has also increased steadily.
In the past period of time, despite the bad weather, the auction clearance rate in the housing market has continued to increase, from 52.5% a month ago to 55.2% a week ago. This rate is significantly higher than the 12% clearance rate in the housing market in December last year, but whether the housing market can continue this upward trend, we have to look at the auction results in the next few weeks; because the housing market enters the peak season , So in the next few weeks, there will be lots of houses for auction every week.
Sydney's property market is expected to recover from last year's downturn, and house prices are likely to rise steadily; however, all of this depends largely on the development of the local economy. The latest ABS economic growth data shows that New South Wales has slower economic growth, with total demand rising 0.8% compared to the last quarter of last year, and the annual growth rate is only 2%.
The better news disclosed by ABS is: the unemployment rate in February remained at the level of 2% since May last year; for the real estate market, the more important good news is that the central bank announced last week that it would maintain the cash rate The level remains unchanged. (Wendy)