What’s driving the auction frenzy?
When you want to buy real estate in the eastern suburbs, one option available to you is buying at auction. This can create a thrilling environment, as well as offer you the chance to get a bargain on a home – if you play your cards right.
However, currently it seems that the Sydney market is seeing a frenzy of auctions – many of which have been favouring the selling end of the market. According to a recent Property Pulse release from CoreLogic-RP Data, Sydney is still the second largest auction market in the country. However, it also currently has the highest clearance rates, with this figure staying above 80 per cent for each of the four weeks to 9 March.
This coincides with the Reserve Bank of Australia’s cut to the official cash rate in February, which was met with subsequent reductions in interest rates from lenders and banks. In fact, Tim Lawless from CoreLogic-RP Data noted last week that interest rates are currently the lowest they’ve been since 1968.
The listings index has also increased, showing that more and more property is being sold in Australia. This is likely to offer anyone looking for real estate in Double Bay or nearby a wide range of opportunities to buy a home, whether as an owner-occupier or to let out as a rental property.
The Property Pulse also noted that dwelling approvals are currently at a record hi gh as well – this suggests even more opportunities to purchase a home at auction in the future as supply increases. A Daily Telegraph article from 9 March noted that more people were paying well above asking prices, so increased supply could be handy for tempering prices.
If you’re looking for a mortgage broker in Double Bay or surrounding areas, contact Daniel Pym on 0412 828 490 and he will assist you in finding the right home loan product.