Signs of life in Sydney property market

The Sydney residential property market showed signs of improvement for sellers on the weekend, with 43 per cent of 363 properties put up for auction selling on the day for a total value of $99 million. That is an improvement on the previous weekend, when 120 properties sold for $73 million according to revised figures, but still wel down on the same weekend last year when 249 properties sold for $221 million. In Melbourne, where the spring racing carnival is affecting auction results, just 29 properties were sold for $8.8 million, well down on last year’s results when 126 properties sold at auction for $56 million on the first Saturday in November. In Adelaide, ten properties sold at auction for a total value of $4 million, down on last week and well down on the same weekend’s figures from last year when 52 properties sold for $25 million. Brisbane’s results are also lacklustre with eight properties selling for a total value of $2.4 million.

Source: Australian Property Monitors