Sydney property boom

Property prices in Sydney have surged on to new all-time heights.

No surprises for guessing which sectors of the market are the hottest - reports APM:

"Sydney’s winter auction market continues to surge with another strong auction clearance rate recorded at the weekend. Despite the beginning of school holidays and the wet weather, Sydney’s weekend rate of 77.4 percent was another exceptional result from a winter market that so far shows no signing of waning.
Buyer activity in Sydney’s auction market has continued to rise since Easter with the strong results recorded over April and May now increasing over June. Since the Queen’s birthday holiday weekend Sydney’s weekend auction clearance rates have averaged 76.3 percent compared to the 74.7 percent averaged between Easter and the Queen’s birthday.
Both these results are the highest level of buyer activity in the Sydney auction market recorded at this time of the year for ten years.
Sydney’s inner west recorded another extraordinary result at the weekend with properties in that region continuing to walk out the door. The inner west clearance rate of 90 percent at an average sale price of $966,500 was not only the highest clearance rate recorded of all the suburban regions but was achieved from the highest number of listings. Sydney’s city and east suburban region also produced an exceptional 89 percent clearance rate at an average sale price of $963,764 and also from solid listing numbers."

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