Another weekend in Sydney means one thing - another set of property records have fallen, with the harbour city registering an all time high of over $760 million worth of property sold in weekend auctions.
The median Saturday auction price of $1,320,000 million was up nearly 10% on the $1,210,000 recorded during the same weekend in 2016, with a clearance rate over 80% for the fifth consecutive weekend.
Dr Andrew Wilson, in an article in Domain, described Sydney’s auction market as having “gone nuclear” over the weekend, suggesting that low mortgage rates were a key catalyst for the market conditions in Sydney.
The record weekend results come just days after the release of the National Australia Bank's (NAB) latest quarterly Residential Property Survey, which revealed housing market sentiment to have hit a three year-high in the first quarter of 2017 despite recent crackdowns on investor lending.
NAB’s report forecasted continuing levels of national price growth throughout 2017 for both houses (7.2%) and units (6.8%), with a cooling down expected as the year goes on.
The Sydney market is also expected to continue its meteoric rise, with NAB predicting price growth of 10.5% throughout the rest of 2017, though the report suggested that 2018 would see a slighter lower growth rate of 4.9%.
“The latest results paint a picture of a very resilient market and came despite ongoing concerns about housing affordability, supply, the labour market, persistent warnings of a correction and speculation of more official measures to rein in lending to housing,” said NAB Group Chief Economist Alan Oster.
Market sentiment proved highest in New South Wales (+58) and Victoria (+58), while the national level of sentiment also rose since late 2016 (+31).
For buyers wishing to get in on the competitive market, now is as good a time as ever, to find a low rate on your home loan. So to compare the best rates in the market make sure you head over to the Mozo home loan hub.