At present, we are experiencing a lot of negative coverage of the property market in the media; Meriton is going to court against the ACCC, income to debt ratios are ‘the worst they’ve ever been’ with mortgages taking the lions share, ANZ has claimed property price growth will halt to 1.9% and buyer sentiment has followed.
However, property price growth in Australia to SLOW to 1.9% is only dramatic in comparison to the previous 3 years. However, the same projections put Sydney above 4% according to ANZ.
We are lucky on the Upper North Shore although we have had a year or two over the past twenty with negative growth, we have been relatively protected from a proper ‘bust’ or significant downgrade in property prices.
The first weekend in June reported Sydney to have a clearance rate of 74.3% and the Upper North Shore at 76.4% performing slightly higher than the broader area.
There were originally 789 properties listed for auction across Sydney with 549 reported to have taken place and 445 sold under the hammer. There were 50 properties withdrawn prior, for whatever reason.
The median price of property cleared at auction at the weekend was way up at $1,314,000 which is a rather large figure in contract with the negative feedback about price growth the main media would have us understand.