The Sydney property sector is maintaining a resilient position in face of the tough economic climate, with buyers continuing to show interest.
According to the Sydney Morning Herald, auction clearance rates have consolidated over recent weeks, despite reports of a downturn in the global economy.
Figures published by the publication showed 512 properties were listed for auction in Sydney last weekend, compared to 463 on the previous weekend.
Of the 361 reported auctions, 242 were sold for a clearance rate of 58.6 per cent. This was marginally higher than the previous weekend's result of 57.4 per cent, the news provider stated.
Findings published in the Herald Sun last week revealed US consultants Demographia labelled Australia as one of the most expensive, yet lucrative, property markets in the world at present
The firm argued that strict lending practices in Australia coupled with improving affordability means the country's property market looks strong.
Posted by Ravin Chatlani
According to the Sydney Morning Herald, auction clearance rates have consolidated over recent weeks, despite reports of a downturn in the global economy.
Figures published by the publication showed 512 properties were listed for auction in Sydney last weekend, compared to 463 on the previous weekend.
Of the 361 reported auctions, 242 were sold for a clearance rate of 58.6 per cent. This was marginally higher than the previous weekend's result of 57.4 per cent, the news provider stated.
Findings published in the Herald Sun last week revealed US consultants Demographia labelled Australia as one of the most expensive, yet lucrative, property markets in the world at present
The firm argued that strict lending practices in Australia coupled with improving affordability means the country's property market looks strong.
Posted by Ravin Chatlani
