Winter sales still hot in Sydney

It-may-be-cold-outside-but-the-Sydney-property-market-is-white-hot_157_78763_0_14100474_300The winter months may be on top of us, but the Sydney property market shows no sign of cooling.

Auction numbers have stayed strong in the Harbour City, a hangover from strong sales in summer and autumn, according to a July 29 report from CommBank. During this time, the median auction price for the city sat around $950,000, close to the pivotal $1 million mark.

Indeed, the start of August has seen a continued strong clearance rate for the New South Wales capital, according to an August 3 report from Australian Property Monitors (APM). Sydney kicked the month off with a rate of 79.1 per cent, the fourth straight weekend of clearance rates over the 77 per cent mark. This made the average for the four weekends up to the start of August a stellar 77.9 per cent, handily outperforming the result for the previous four weekends.

This is fantastic news for any sellers in the greater Sydney area, who shouldn’t find it terribly difficult to get their property off their hands if these results are any indication. Whether simply hoping to move or aiming to take advantage of the capital gains on their real estate, there appear to be plenty of hungry buyers out there looking to get ahead on the property ladder.

According to CommBank, it was the middle and outer ring of suburbs, around 15-20km from the CBD, which have seen the most gains in the recent weeks – suburbs such as Greenacre, Riverwood, Cabramatta and Castle Hill.

However, the numbers from AMP indicate that it may not be time to count the inner suburbs out completely. The lower north shore posted a clearance rate of 92.9 per cent, the inner west a rate of 89.9 per cent and the east and the city shined with 84.4 per cent of auctioned properties cleared.

It would seem no matter where you are in Sydney, there’s ample opportunities to sell your property.

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