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InvestAus

Mortage Broker , Sydney Region

NSW: Extended lockdown has failed to extinguish Sydney’s housing boom

15D ago 0 Replies 280 Views
Extended lockdown has failed to extinguish Sydney’s housing boom and may even be adding further fuel to the red hot market.
Experts revealed competition for real estate has been ramping up since the lockdown started because of fewer homeowners listing their homes for sale at a time of still elevated demand.

The conditions put pressure on buyers to offer higher prices and agents reported “ferocious bidding” at weekend auctions.

The preliminary auction clearance rate for the 780-odd properties scheduled to go to under the hammer was 77 per cent, according to CoreLogic.

The bulk of the properties that did not sell were withdrawn from auction prior to bidding, with only 29 auctions passing in.

My Housing Market economist Andrew Wilson said the lockdown created a sense of “trepidation” in sellers but not buyers.

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