Sydney house auction market posts encouraging results

Font size :

Only 520 properties in Sydney are set to go under the hammer this weekend--a decline from last weekend’s 672. Sydney’s inner west region is set to host the most number of auctions with 91, and Randwick, Manly and Cammeray are regarded as the most popular suburbs, each with eight scheduled auctions.

Still, last week’s results were deemed encouraging for the market despite the challenge of high listings following the end to the holiday distractions last month. Sydney reported a clearance rate of 73.8 per cent last weekend--the highest result since the Easter break. However, it was still well below the 89.1 per cent recorded during the same time last year.

Meanwhile, the Reserve Bank cut the official rates this week to a new record low of 1.75 per cent in order to stimulate an underperforming local economy. According to the latest ABS inflation data, prices fell over the March quarter and the annual inflation failed to reach RBA’s target of two to three per cent. These lower interest rates, if passed on by banks, are positive news for prospective home buyers and mortgage holders. Further cuts throughout the year are still a possibility.

The budget announcement this week is also positive for the economy, even though there are underwhelming projections for growth, inflation, and unemployment. The tax relief will benefit many wage-earners and businesses, hence possibly translating into higher consumer spending and investment generating economic growth. However, the budget will have a largely neutral impact on housing market activity, with price growth remaining modest in the capital cities.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords