Sydney property sales in slowdown • Are you thinking Australia? | thinkingaustralia |
Sydney: Fri 10:39PM
Select Destination
Location Time Temp
Sydney10:39PM Fri18°
Melbourne10:39PM Fri13°
Brisbane10:39PM Fri21°
Perth8:39PM Fri17°
Adelaide10:09PM Fri
Hobart10:39PM Fri18°
Canberra10:39PM Fri12°
Darwin10:09PM Fri26°


Get our help FREE advice or find service providers with our ozdirectory

Sydney property sales in slowdown

18 October 2015 by News Desk

sydney03The number of residential properties sold in Sydney, Australia, has fallen to its’ lowest level in three years.

Slowing price growth and a fall in the number of properties being sold at auction has led the Reserve Bank of Australia to report a turn in sentiment in both Melbourne and Sydney, the country’s major property markets.

Sydney, in particular, has seen a “remarkably sharp fall” in recent months and property clearance rates in Sydney’s western suburbs have fallen below 50%, creating a buyers’ market. This time last year the clearance rate was 72%.

Across the country there were over 2,800 auctions and a clearance rate of below 70 per cent for the fifth successive week, according to property specialists Domain.

We use cookies on Thinking Australia

This website uses cookies to ensure you get the best experience on our website. Please confirm permission to use cookies. Cookie Policy Privacy policy