Sales survive election woes
THE August residential auction market finished on a strong showing with a 68 per cent weekend success rate, despite the uncertainty of the election.
An overall 66 per cent clearance rate this month, with only a handful of auctions to go, will rank as the best monthly result since April.
It was also a weekend of inner-west records. The dearest sale on Appian Way at Burwood was a six-bedroom house fetching a record $4,175,000. It bettered $4.05 million on the same street in 2008.
It had been renovated since traded in 1999 at $1.2 million.
Another record was set in Newtown when Yarraville, a renovated Georgian residence on 583 square metres, fetched $3.2 million. It had also undergone considerable extensions since traded in 1991 for $254,000.
Agents sold 215 of the 292 reported weekend results, according to Australian Property Monitors. It was a marked increase in volume on last weekend when the election limited activity to 165 auctions.
But the traditional spring selling season appears set for a slower start with 1600 September auctions scheduled so far by Sydney estate agents. There were a record 2400 last September.
But any political instability could play havoc with the market, according to a poll on the Herald’s website. It found 43 per cent of the 1672 votes thought extended political wrangling would put off buyers and send prices lower.
Source : Jonathan Chancellor, Sydney Morning Herald. 30 August 2010
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A surprise result on Saturday as many had predicted more nervousness from buyers. Looks like a good sign for the imminent Spring property market.