Mon 25 October 2010
BresicWhitney Market Wrap
With the spotlight firmly set on the first Tuesday in November, not only is it the race that stops the nation, it may also be the date the RBA quietly begins the long awaited interest rate rise.
The spring selling season in Sydney has failed to impress again, with only 56% of the 313 reported auctions selling. Melbourne continues to out-perform Sydney with a respectable 68% of the 951 auctions selling.
BresicWhitney sold 87% of its 15 auctions, witnessing cautious behaviour from buyers proving to be the order of the day. A two bedroom apartment in Surry Hills showed popularity with young professionals selling for $820,000.
Surry Hills has established itself as one of Sydney’s hottest locations over recent years, with demand from both first and second home buyers fuelling the recent rise in property prices. The improvement in its retail platform, along with the assortment of trendy bars and eateries has been a definite drawcard for many young Sydneysiders and also those searching for cultural diversity.