Despite record number of properties on the market, Sydney and Melbourne are set for another strong week of properties sold under the hammer, according to the Australian Property Monitors (APM). Sydney has 851 properties sold over the weekend, just under the record breaking 891 properties.
For the past 21 weekends, Sydney has been recording a staggering clearance rate of 80% for the past 19 weeks. Melbourne is auctioning off 1,314 properties, just short of last week’s 1,341 properties.
This is an indication of strong property demand over the holidays, and public interest is not waning. The strength of the market will be tested within the remaining weekends of the year, and this will give homebuyers a good idea as to how the property market is going to perform as another year sets in.
Read more about this on the Real Estate Business website.