Sydney property market shines just in time for spring
Sydney’s booming property market has shown no signs of slowing, evidenced by strong auction results, when the unofficial start to the spring selling season began last weekend.
Properties had an 80.1% clearance rate compared to 73.7% the same time last year, according to Domain.com.au.
Only two weeks ago, a four bedroom house in the Sydney suburb of Strathfield sold at auction for $6.8 million, which according to the Australian Financial Review was “Australia’s most expensive home sale” for that weekend.
Estate agent Steve Devine told the newspaper that the most anyone offered to pay for it beforehand was $5.5 million.
These property price results come as no surprise, given Sydney postcodes have grown dramatically over the years. Mozo research recently revealed which suburbs increased in dollar value the most this century. NSW dominated and held nine out of ten spots on the list. Darling Point ranked number one.
“Darling Point property owners will be charging the champagne flutes after making the biggest increase in dollar value, with a staggering average increase of $3.43 million over the last 20 years,” said Mozo Director, Kirsty Lamont.
While property prices appear to be on the rise, interest rates have plummeted to record lows. After the RBA slashed the cash rate to a record low of 1.50%, some home loan lenders cut the interest rates on their products generously, while others didn’t.
If you will be one of the many Aussies buying property this spring, make sure you nab yourself a competitive home loan deal here at Mozo. We compare over 450 loans, from the big banks to the smaller online lenders and credit unions, to help you find the right mortgage package for you.