Sydney Today, April 4, Australian Eastern Time, the housing market in the capital cities is difficult to heat up after Easter because the new round of mortgage interest rate increases have increased the doubts of buyers. The auction clearance rates in Sydney and Melbourne were flat last weekend. Especially in the southern market, people worry that the housing market will encounter a cold wave next year.
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According to data from Australian Property Monitor, the Sydney market’s clearance rate was 55.3%, while in the weekend before Easter, the Sydney’s clearance rate was 53.8%. According to data from the Real Estate Institute of Victoria, in Melbourne, the auction market is a bit busy, with a clearance rate of 55%. The liquidation rate for the weekend before Easter was 61%.
REIV Chief Executive Director Enzo Raimondo said: “The results of this weekend clearly provide a message that the increase in bank forward rates has a negative impact on market demand and people’s confidence in real estate.” Adelaide’s clearance rate was 45.5% , Brisbane is only 37%, both results are very low.
On Friday night, the ANZ Banking Group suddenly raised the mortgage interest rate by 0.06 percentage points, which was the second operation independently of the Bank of Australia in three months.
Last weekend, there were some winners in the market. Collins Simms' agent Belinda Lindsay sold a house at 171 Park Crescent, Fairfield, north of Melbourne for $47 million. This house has an area of 925 square meters with 4 bedrooms and is a California bungalow-style house. This is the most expensive house sold in Melbourne. At that time, there were two bidders with an asking price of A$130 million, which soon exceeded the reserve price of A$150 million.
In Sydney, the most expensive one sold was a house with 4 bedrooms and a roof. It was located at 80 Gordon Street in the eastern suburbs of Paddington and sold for $212.5 million. (Ivy)