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Property market shows sign of improvements though the investors are cautiously optimistic

8Mo ago 0 Replies 187 Views
Clearance rates, Perth’s market and Sydney house and land are all showing signs of improvement, while the market is cautiously optimistic.
605 sales in Melbourne and 426 in Sydney over the weekend. Fewer than the same time last year – 657 in Melbourne, 523 in Sydney. Clearance rates are high – 80% in Sydney and 70% in Melbourne as at Sunday morning
The most viewed home going to auction was 53 Darley Street Newtown, a completely unrenovated terrace home in what is one of Sydney’s most popular suburbs. If you are not from Sydney, take a look at what $1.112 million gets you in this market; 1 bed, 1 bath renovator’s dream. The addition of the bed somehow makes it look worse

Sydney house and land is red hot
Building approval data from the ABS has now shown two months of consecutive increases. The flow on from price growth to new development does appear to be occurring. Anecdotally, developers are successfully selling down an overhang of stock from the last building boom.
But for now, it is really house and land that is leading the charge. Likely driven in part by the federal government’s 5% deposit scheme, and the various state-based first home buyer schemes.

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