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April 2014

Low stock drives impressive auction results
 
The March market proved to be yet another period of intense buyer activity, with low levels of availability and some remarkable auction results. During the month Sydney recorded an impressive auction clearance rate of more than 80% for five consecutive weeks. Bringing this back to our local zone and it was a slightly lower 75% clearance rate with auctions contributing to 70% of all local sales. Isolating the local auctions, the breakdown was 50% sold prior, 45% sold under the hammer and 5% sold shortly after the auction. Of the auctions we conducted during the reported period our properties attracted an average of five registered parties and the bidding remained at an exceptionally high level with all auctions passing reserve.
 
In our opinion there is no doubt that the lower level of available property is a major contributing factor to the present strength of the market. Property is turning over quickly and buyers are moving decisively if they locate the right property. Given the market dynamics we successfully completed a number of quiet ‘off-market’ sales through our database during the month. This method of selling works exceptionally well in the present climate and both buyers are sellers can structure a very suitable [...]

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Market Review

April 2014

Low stock drives impressive auction results
 
The March market proved to be yet another period of intense buyer activity, with low levels of availability and some remarkable auction results. During the month Sydney recorded an impressive auction clearance rate of more than 80% for five consecutive weeks. Bringing this back to our local zone and it was a slightly lower 75% clearance rate with auctions contributing to 70% of all local sales. Isolating the local auctions, the breakdown was 50% sold prior, 45% sold under the hammer and 5% sold shortly after the auction. Of the auctions we conducted during the reported period our properties attracted an average of five registered parties and the bidding remained at an exceptionally high level with all auctions passing reserve.
 
In our opinion there is no doubt that the lower level of available property is a major contributing factor to the present strength of the market. Property is turning over quickly and buyers are moving decisively if they locate the right property. Given the market dynamics we successfully completed a number of quie [...]

<see full article>