Connecticut House auction liquidation rate sharply reduced (Domain photo)
None of Sydney`s urban property markets have escaped record-breaking supply and bank tightening.
Last year, parts of Sydney couldn`t sell anything with roofs, according to Domain. Now, the cold wave of the real estate market has swept to the original hot area. Sydney`s weekend home liquidation rate has fallen to 51 percent to 63 percent since February, with some urban owners feeling more strongly about the market`s downward trend.
In the first quarter of 2017, Sydney`s overshadowed upper north bank weekend home auction liquidation rate was as high as 80 percent, according to Domain Group data. A year later, less than half of all successful weekend auctions..
Lindfield, at the end of last year, was up to 93.1 per cent for the weekend, and the winding-up rate fell to 50 per cent this year. The buyer`s interest in Ryde, Turramurra and Eastwood has also been reduced.
Similar market conditions were seen in other parts of Sydney, with weekend home winding-up rates in urban and eastern areas falling to 64.9 percent from 79.3 percent last year. Demand for Muscoe (Mascot) and Darlenhurst (Darlinghurst) buyers fell the most, with winding-up rates both below 50 percent.
Conseby (Hornsby) is one of the most volatile urban areas in the housing market. In the first quarter of 2017, it closed 86.4 percent at weekend residential auctions. So far this year, however, only 14 properties have been listed for sale and only 1 / 3 has been sold at auction.
(Nick Addison), a Connecticut real estate agency, said the inclusion of a large number of condominiums into the market was one of the reasons why the local housing auction market was bleak.
The southern part of Sydney was also affected, with just 31.6 percent of the weekend residential auction at Brighton-le-Sands Beach in the first quarter of 2018, down from 70 percent in the same period last year. Curunura (Cronulla) fell to 46.3 percent at the weekend home auction, compared with 26.3 percent at the Ngaaddin (Engadine) weekend auction.
