Property Recovery Continues: Sydney Reaches 10-Year Highs

Over 800 Australians in Sydney and Melbourne waited along with The Block contestants to see how much their respective properties would sell for over one weekend.

According to the Australian Property Monitors, a total of 80.8% of properties on the market in Sydney sold on the 27-28 July weekend, which was slightly ahead of the rates for Melbourne.

Andrew Wilson, senior economist at APM, said that while the market is currently very strong, it’s still flat at the top.

Melbourne also hosted the conclusion of The Block Sky High the July weekend, with all of the properties selling. The most expensive of these sold for $1.605 million in South Melbourne.

The clearance rate on properties is 20% higher than at the same time last year, the APM noted.

These high figures show that the Australian property market is getting back on track.

Source: http://www.smartcompany.com.au/property/056731-property-recovery-continues-sydney-reaches-10-year-highs-and-the-block-apartments-sell-under-the-hammer.html