The Australian property market has been showing signs of improvement of late – and now new clearance rates posted from auctions in Sydney and Melbourne have both shown large increases since the same time last year, adding further fuel to the fire that Oz could be on the road to recovery…
Those investing in Australian property will be happy to hear indications that the market is recovering.
A marked rise in auction clearance rates in cities all over Australia was revealed earlier this week, alongside a steep climb in turnover.
According to the latest data from Australian Property Monitors, the clearance rate for property in Sydney was 69 per cent, up on the 48 per cent recorded for the same period in 2008.
The research also found that around £37 million worth of properties were sold. Yvonne Chan, Head of Research at Australian Property Monitors, said, “Although medium prices have shown a small growth month-on-month since the beginning of this year, the activity level is fairly high.”
Over in Melbourne, there was a clearance rate at auction of 72 per cent, which was a whopping 20 per cent increase on the same time last year.
Over in the sunshine, Brisbane posted a lower clearance rate of 45 per cent, but this result showed the largest improvement, almost double the 23 per cent posted at the same time last year.
Property in Adelaide posted a 66 per cent clearance rate, up from 39 per cent at the corresponding time in 2008.
Interest in the Australian market is clearly picking up. Alongside falling interest rates and lower prices, rising rents are resulting in an increase in interest in buy-to-lets from foreign buyers as well as locals.
Buyers in some areas of Sydney and Melbourne are now able to purchase properties that will provide a greater rental return than the cost of mortgage repayments as vacancy rates remain tight.
A survey recently conducted by Pickfords revealed that Australia is growing in popularity among Britons, with Queensland being the top state for those looking to move to the country.
For more information on Australian properties and the market in general, please visit http://australia.themovechannel.com/
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