[ad_1]
Buyers are expected to be plentiful in Sydney with on-site auctions for the first time in 16 weeks, as new research reveals a surprising impact of foreclosure on the market.
Sydney’s auction market is starting to pick up steam, with on-site auctions being allowed for the first time in nearly four months.
The eased restrictions for the real estate sector came at the perfect time for the spring market with 983 properties slated to go under the hammer, up from 825 that went up for auction last weekend, according to CoreLogic.
FOLLOWING: Karl Stefanovic’s house in Sydney up for grabs
Nicole Kidman drives celebrities to move to this part of NSW
18-year-old buys $ 5million mansion in Sydney
While many realtors have locked down plans for on-site auctions, many are still planning to host virtual events on platforms such as Auction Now as Sydney moves on to live with Covid-19.
It comes as the Sydney auction market proved resilient throughout the September quarter despite lower volumes and a slew of market withdrawals due to difficult foreclosure conditions.
CoreLogic’s quarterly auction market review for the three months through September 2021 showed that 8,535 properties were auctioned off, up from 12,780 in the June 2021 quarter, but up from 8,147 a year ago. a year.
Sydney’s 78% liquidation rate for the September quarter was down slightly from 78.4% in June, but significantly improved from the comparable quarter of 2020, where 63.1% of reported auctions had successful.
“The stable result, albeit on lower auction volume, demonstrates the strong selling conditions that have persisted across Sydney despite the foreclosure,†said CoreLogic Research Director Tim Lawless.
“Throughout the September quarter, reported supply levels remained low as buyer demand declined but remained well above average.”
Mr Lawless said sellers remained in a strong sell position as buyers continued to feel a sense of urgency as home values ​​in Sydney rose by around $ 620 per day during the quarter.
Originally published as Daily Telegraph Real Estate Blog: Ongoing Auction Market Updates
[ad_2]
