Buoyant market brings out the buyers
Sydney Morning Herald
Saturday February 27, 2010
THERE is momentum in the Sydney residential market, although vendors won't necessarily secure over-the-top prices.The banker David Morgan has accepted $16.3 million for his Vaucluse harbourfront, although he desired $17 million.At Clareville, a beachfront fetched $5.1 million, which was initially listed with $8 million hopes in 2008.And the accountant to the stars, Anthony Bell, has spent an unconfirmed $7.1 million buying a Bondi Beach penthouse as an investment. It last sold off the plan for $8.5 million in 2006.Australia's housing market started the year with a resilient showing, registering a 1.8 per cent capital gain during January, according to RP Data's research director, Tim Lawless."The residential market has started the year with some confidence," Mr Lawless said. "Buyers are, for the time being, outweighing sellers and new supply is being quickly consumed."The NSW budget bottom line is benefiting from a resurgence, with stamp duty revenues up almost 60 per cent in December and January, especially homes priced above $800,000.The eastern suburbs was the best performing district over the past week, with an 88 per cent success rate, according to Australian Property Monitors, followed by the west at 87 per cent and the inner west at 86 per cent.There has been a 75 per cent clearance rate this month, up on December's 69 per cent rate. The average auction sale in the past week was $885,000, APM said.
© 2010 Sydney Morning Herald
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