Already a subscriber?A three-bedroom house in Sydney’s lower north shore and a four-bedroom house in the city’s west beat their auction reserves by $100,000 over the weekend, but these relatively strong results are becoming the exceptions, not the norm, property experts say.
“Bidders often start strong at auctions, but stop once they hit their limits, unlike late last year when people were quite happy to go above it.”The three-bedroom house at 7 Lyndhurst Street, Gladesville, was sold for $2.3 million, which was $100,000 higher than the reserve. “This shows there’s a big demand for entry-level freestanding houses like this, but this result is becoming an exception, not the norm,” he said.conscious of affordability“I think that’s the new normal in terms of prices that are being achieved, which are still quite strong, but not runaway.”A four-bedroom house at 139 Adelaide Street, St Marys, 45 kilometres west of Sydney’s CBD, also beat the reserve by $110,000 after selling for $1.96 million over the weekend, according to Ray White.
“Clearance rates have broadly slowed compared to the middle of last year, but are still higher than the long-term average, and are still conducive to further price increases, which says to me that prices are likely to continue rising, although not as strongly as last year,” Mr Lawless said. “In the meantime, we’ve seen a rise in listings in Sydney, so the market has been coming back to being reasonably supplied once more, which also eases upward pressure on prices.”
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Source: FinancialReview - 🏆 2. / 90 Read more »