News Of The Week - Written by Harold Wolf on Thursday, April 5, 2012 13:27 - 6 Comments
Cooley Auctions Reports a Record Month of Auctions
The Sydney property market has been showing some encouraging signs over the past few weeks providing much to get excited about.
Not only have we had a record month of auctions but also buyer activity has increased along with our auction clearance rate. Saturday 31 March was a big test for the property market with more than 700 properties scheduled to go to auction in Sydney.
Cooley Auctions booked 81 properties that day and sold 46 achieving a clearance of 57%.
The rush of vendors wanting to sell before Easter this year has substantially increased the March auction volume.
We believe these encouraging results are a product of increased buyer activity and sellers meeting the market. We can report many situations this month where top end properties have sold for less than what they were bought for only a few years ago or, in some cases, what they were bought for 7 years ago.
The encouraging aspect of this is that they are selling and activity is increasing.
Spirited bidding and sales well above reserve have also been in abundance in the mid range price bracket of $800,000 to $2 million.
It remains a very opportunistic time to be buying with vacancy rates remaining low, the rental market screaming along and stable interest rates.
The well-earned Easter break is upon us and we would like to take this opportunity to thank our clients for their support and loyalty, and wish them a happy and safe Easter!
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