Double Bay Auction Results – 28 June 2011 (also featuring latest BIS Shrapnel forecasts)
There was very little activity on Tuesday with the majority of properties passing in. Seven (7) properties went up for auction, two (2) were sold, five (5) were passed in. The market is definitely slowing down as we move into July, activity in the market will begin to gain momentum again after the school holidays. Always good to keep your eyes open in this period as there are great opportunities.
Auction clearance rates in Sydney on Saturday were 60% compared to 53% the week prior.
Note: Auction clearance rates in Brisbane on Saturday were 0%. Yes, all properties that went to auction over the weekend failed to sell.
BIS Shrapnel (leading industry and economic analyst) most recent news forecasts a recovery in residential property markets in Australia which is very interesting. Investors should be looking at the Perth, Brisbane and Sydney housing markets, according to forecasts by BIS Shrapnel.
House prices are forecast to rise by between 15% and 19% in these capital cities by June 2014, led by Perth at 19%. Sydney house prices are predicted to increase by 18% over this period, from $640,000 to $755,000, and Brisbane is forecast to record the third fastest growth rate of 15%, from $440,000 to $505,000. See table below for percentage growth in median house price for all capital cities.
The solid growth expectations for Perth, Brisbane and Sydney are forecast on the basis of these markets “currently building new dwellings at well under the level of underlying demand” combined with relatively weak price growth in recent years, the company says.
Note: CohenHandler are buyers agents who act exclusively for people seeking to buy property in Sydney.