Auctions heating up
891 homes are going under the hammer in Sydney this weekend, on the back of what was, the second busiest auction week of the year.
948 homes were taken to auction last week according to Corelogic, with a clearance rate of 76.8%.
It comes in stark contrast to the clearance rate of just 42.1%, recorded at the same time last year.
Values are rising – but when will they stop?
Research out from SQM suggest Sydney house prices could make their way above the 2017 peak, as early as next year.
They forecast the property prices within the city could grow between 10% and 14% in 2020.
It’s an idea supported by Corelogic who say if housing prices continue to rise as fast as they currently are, Sydney’s housing market could post a full recovery in six months.
Housing values in Sydney were, as of the end of October, still 10.4% below their 2017 peak.
Sentiment up on property market
ME Bank’s Quarterly Property Sentiment Report has found more people are feeling positive about the property market.
42% of respondents said they were feeling more positive about the property market than they were last quarter.
Sentiment remained quite steady among First Home Buyers’ with housing prices picking back up.
Real Estate agents rated among the most ‘unethical’
The 2019 Ethics Index results released by the Governance Institute of Australia have placed Real Estate agents as the third most unethical occupation, behind State and Federal politicians.
For REINSW President Leanne Pilkington, this data poses a direct challenge to the entire industry.
“We cannot accept these statistics and roll over. It is clear we need to work to improve the way we are viewed by society.
“I am proud to say at REINSW we are working on just this, with the Pathway to Professionalism (P2P) movement.
“Shifting consumer sentiment is only going to happen when we can demonstrate that our focus is completely on the consumers and what their needs are.”
Australia rated on luxury list
Five Australian cities have been named on Knight Frank’s Prime Global Cities Index for luxury residential growth.
The index tracks luxury residential prices across 46 cities.
- Sydney rates 17th
- Melbourne ranks 21st
- Brisbane is 22nd
- Gold Coast is rated 26th
- Perth just makes the cut at 30th
Leading the list is Berlin, followed by Frankfurt and then Moscow.
Upper north-shore record smashed
32 Nelson St, Gordon, also known as Mandalay Estate, has sold for what is believed to be around $14 million dollars.
The sale by McGrath Upper North Shore and International Realty sets a new suburb and area record.
The previous record was set in February last year, at $13 million.
Most influential woman in property
REINSW President Leanne Pilkington has been named 'The most influential woman in the property market' at the AREA awards.
REA says the winner of the award 'represents a culture of courage and innovation as they drive change within the industry'.