Australian Financial Perspective: Another Good News from Sydney House Auction
Sydney Today, March 3, Australian Eastern Time, last week’s house auction results in Sydney were the best ever since the beginning of the year. This also shows that the pace of development of the city’s housing market may also be gradually accelerating and will gradually get rid of the previous weakness. .
But Melbourne's property market seems to be moving in another direction-this is very different from the relatively good start at the beginning of the year. According to data from the Australian Property Monitoring Centre, there were 448 auctions in Sydney last Saturday, with an auction turnover rate of 58%. This is the best result of the year so far, but it is slightly worse than the 60% in the same period last year.
AMP senior economist Andrew Wilson pointed out that last month, the average clearance rate of house auctions in Sydney was 55%, which is a significant increase from the 11% in November and December last year. APM pointed out that the most expensive house sold in Sydney last week was a four-bedroom house at 12 Whale Waterfront Road in Avalon. The selling agent was McGrath Real Estate Brokerage at a price of A$50 million.
However, the uncertainty of home purchase caused by the cancellation of the stamp duty exemption policy for first home buyers in New South Wales also affects the market demand for low-end housing. According to the Real Estate Institute of Victoria: As Melbourne is a popular city for house auctions, under normal circumstances, house auction clearance rates are higher than Sydney, but last Saturday’s auction clearance rate was only 56%, compared with 65% last year There is a significant drop. Enzo Raimondo, chief executive of the Victorian Real Estate Institute, said: "This shows that the uncertainty of economic development and lack of confidence in home buyers are still affecting the Melbourne property market."
Adam Blanch of Peter Barnes Real Estate Company sold a four-bedroom apartment at 4 Roemer Crescent last week. The transaction price was A$141 million, the highest price at the auction. At first, the owner refused the offer. After the auction, The deal was negotiated.
Melbourne developer R Corporation sold 10 townhouses starting at A$53 in order to launch his "Central Park Development Plan" in Cheltenham. Rohan Ames, its marketing manager, said: "I am not at all concerned about Melbourne's overdevelopment, because although there are many apartments in Melbourne, high-quality townhouses are in short supply. This is our future development direction." (Wendy)