The Australian property market of Sydney could be set to experience growth in the coming spring, according to new data.
Information from Australian Property Monitors has revealed that auction clearance rates in the city over the past weekend stood at 54.8 per cent, which was broadly steady compared to the rate seen the week before, reports the Sydney Morning Herald.
This was in line with expectations, but it is thought that a combination of growing confidence among buyers and the ongoing shortage of housing in the region will lead to rising buyer activity in the spring.
Dr Andrew Wilson, senior economist for Australian Property Monitors, noted that the number of available properties may not rise dramatically due to a lack of confidence, but will nevertheless track upwards gradually.
"Sydney's housing shortage has ensured not only that the city remains the most expensive of all the capital cities for homebuyers but also the most resilient to shifting market forces," he said.
This comes after data from the RP Data Rismark Home Value Index earlier this month revealed that Sydney has proven an exception to an overall decline in property values in other parts of Australia.
Posted by Craig Francis
Information from Australian Property Monitors has revealed that auction clearance rates in the city over the past weekend stood at 54.8 per cent, which was broadly steady compared to the rate seen the week before, reports the Sydney Morning Herald.
This was in line with expectations, but it is thought that a combination of growing confidence among buyers and the ongoing shortage of housing in the region will lead to rising buyer activity in the spring.
Dr Andrew Wilson, senior economist for Australian Property Monitors, noted that the number of available properties may not rise dramatically due to a lack of confidence, but will nevertheless track upwards gradually.
"Sydney's housing shortage has ensured not only that the city remains the most expensive of all the capital cities for homebuyers but also the most resilient to shifting market forces," he said.
This comes after data from the RP Data Rismark Home Value Index earlier this month revealed that Sydney has proven an exception to an overall decline in property values in other parts of Australia.
Posted by Craig Francis
