Sydney and Melbourne posts impressive Auction Clearance Rates

2, 431 capital city properties were taken to auction last week, up from the previous week of 2,293 properties. There was also a steady increase in clearance rates, as the capital cities posted a 71.2% clearance from the previous week’s 70.8%. Property interest is not waning, and Melbourne and Sydney posted impressive results. Sydney finished the week with a 77.9% clearance rate with Melbourne close behind at 71.7%.

At the same time last year, Sydney finished at a clearance rate of 68.6%. Melbourne’s performance for last year was also lower at 67%. Despite low property volumes, capital cities are still experiencing high clearance rates, highlighting the strength of the property market.

Read more about this on the Property Observer website.

Has Sydney become less liveable?

In a recent Property Council survey, where residents were asked to rank their city on key factors such as amenities, economic conditions, housing and climate, Sydney was ranked eighth out of 10 cities, only ahead of Perth and Darwin. Does this mean Sydney has become less liveable?

With rising home values, only 28% of the residents believe that the housing in Sydney is affordable, and only 23% believe that the city has accessible and non – congested roads.

Overall, affordability was the second most important factor for residents, behind resident and property safety. Canberra was ranked as the most liveable city according to the report.

Read more about this on the Smart Property Investment website.

Sydney off to a good start in 2014

Sydney has been the best performer in the property sector in 2013, shattering records as it ended the year leading all capital cities in home values. This trend was forecasted to taper off, as experts believed that Sydney has reached its full potential. At the start of this year, Sydney hit 84.4% in clearance rates despite a drop in homes sold.

Demand for properties sold under the hammer is not waning. Only time will tell if Sydney will make an impression this year. So far, it has already exceeded our expectations.

Read more about this on the Property Observer website.