The property boom that has taken in most of the Sydney market is now well and truly under way, which is great news for property owners.

Yesterday’s decision by the Reserve Bank of Australia to leave interest rates on hold and thus maintain the lowest interest rates on record will surely see the highly competitive nature of many sales continue (the cash rate remains 2.5%). We are continuing to observe some excellent price gains across the city with RP Data reporting Sydney home prices jumping 2.5% for August and with an impressive increase of 5.2% for the September quarter. This has again been reflected in Auction clearance rates. The average weekly clearance rate for September was 85%; the highest on record. Landlords will also be pleased to note that the city wide rental vacancy rate has remained steady – at 1.8%, indicating high prospective tenant demand and continued rental income growth.

The current activity in the local market shows little signs of slowing and we look forward to keeping you up to date.

 

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