The 7 must-know property investment numbers of the week, topped by Sydney's 83.8% clearance rate
Pete Wargent says that "in the white (or red) hot sectors of the market such as Sydney's inner west, clearance rates have been hitting at around 90% and the market is clearly booming."
Red hot, white hot… a 83.8% weekend Sydney auction clearance rate is hot of which ever description one wishes.
But beware its mostly in the middle class and aspirational suburbs. Certainly not at the top end or bottom end suburbs.
Saturday's median house price was $896,000 compared to the $694,000 APM median house price. Ditto units which on the weekend sat at $640,000 when the overall median unit price across Sydney sits at $491,000.
The low interest rate environment was prompting price growth inner-city Sydney property markets, triggering McGrath Real Estate founder John McGrath to suggest the pace of price recovery in some property markets was a concern.
Aussie executive director, James Symond said the conference followed the group's biggest year with settlements for the 12 months to June 30 organically growing by 8%.
Property Observer notes listing volumes were up to their highest winter level, though still slim compared to the typical spring selling season.
Surry Hills tops the 12 Sydney weekend auction hotspot suburbs
Australian Property Monitors senior economist Dr Andrew Wilson predicts Sydney residential price growth was set to exceed 7% and could reach 10% over the course of the year.
Dr Wilson said that here is a real prospect that before year's end, the median price for Sydney houses will exceed $700,000.
Commonwealth Bank chief executive Ian Narev says he doesn’t lose any sleep over concerns about a possible property bubble in Australia following record low interest rates.
Narev says is often questioned by overseas investors on Australia's high house prices compared with incomes, but says banks here could weather double the level of unemployment and a 40% fall in prices.
