Tue 28 September 2010
BresicWhitney Market Wrap
The prestige market in Sydney roared back to life after the $52 million sale of a Point Piper waterfront earlier this month. Shortly after a Point Piper harbour front home sold at Public Auction for $17.3 million, and numerous Eastern Suburbs properties selling in September in excess of $10 million.
Despite the appetite at the high end, many would suggest the residential market to be somewhat subdued. Clearance rates in Sydney over the weekend were 57%, which was down on the corresponding week last year.
With the prospect of interest rates rising further this year, the traditionally busy spring selling months may be a quieter affair than previous years.
Sydney’s Inner West region remains the most popular amongst buyers with young families and many first home buyers being attracted to the improved infrastructure, and more importantly perceived value in comparison to the more established North Shore and Eastern Suburbs regions.