Double Bay Auction Results – 8 August 2011

Auction activity is starting to pick up now as we move into Spring. Six (6) properties went up for auction, four (4) were sold, two (2) were passed in. There is still the question floating around whether going to auction is the most effective sale method – good properties that are well priced are still selling under the hammer in this market. We are finding there has been a significant increase of properties selling off the market.

Auction clearance rates in Sydney on Saturday were 57% compared to 53% the week prior.

The rental market in Sydney is still competitive and riding strong despite weak market conditions. The inner Sydney median rents have actually increased by $40 per week over the past year, jumping higher than a $30 per week increase across the city, according to the latest NSW government’s rent and sales report for the June quarter. The eastern suburbs accounted for many of the biggest increases of the year, with two bedroom dwellings in Waverly increasing by 11% over the year to a weekly median rent of $600. The Sydney CBD remains the most expensive place to rent a one bedroom apartment, with median weekly rent rising 11.1% over the year to $500 a week.

Note: CohenHandler are buyers agents who act exclusively for people seeking to buy property in Sydney or rent property in Sydney.

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