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Sydney Market Update October 24 2015

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Sydney Market Update October 24 2015
As reported in popular media articles The Sydney home auction market continues to drop, with nervous buyers being increasingly cautious by interest rates rises.

Sydney has reported its lowest clearance rate of the year on October 24 2015, with the market now heading towards its lowest levels since the spring of 2012. The 64.4 per cent weekend result was below the 65.1 per cent recorded the previous weekend and significantly below the 78.9 per cent reported during the same weekend in 2014.

The Sydney Real Estate market is now on course to record auction clearance rates of below 60 per cent this spring.

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Real Estate Sales Results 2015

Fusion Realty Real Estates “best kept secret!” 

Sydney’s Inner West and Inner City Real Estate Sales Results 2015

9 Clara Street, Newtown NSW 2042   Sold $1,065,000
86 Lord Street Newtown NSW 2042   Sold $780,000
9 Park Road, Erskineville   Sold $966,000 
105/362 Mitchell Road, Alexandria   Sold $1,065,000

 

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May 2015 Rental Growth Slow

On June 11 2015 CoreLogic released its RP Data monthly rental review for May 2015. It confirmed that in May 2015, rental rates rose at their slowest pace on record.
The May data showed that capital city rents rose on an average of 0.1% in the month and only 1.5% over the year.
Investors are not interested in rental returns but are simply targeting capital growth.
Record low interest rates are enabling tenants to enter the property market, a long with the completion of new residential developments are contributing to the softening in the rental yields.

60 Billion dollars worth of new apartments for Sydney

According to channel nines news on March 2015 Sydney is in the midge of high rise invasion has 60 billion dollars apartment firm that will change the look virtually every suburb. In just one year the number of high rise under construction has increase dramatically and there are many more.

Source: http://www.9news.com.au/sydney