Despite strong property activity over the last few months, the market is expected to cool down over Christmas before taking off again in 2010.
Over the past six months, Sydney auctions have performed well, particularly in the inner west where clearance rates have been consistently above 70 per cent.
Associate director and property consultant at Elders’ Inner West, Sam Bonaccorso, told Real Estate Business that his branch was responsible for 27 auctions in the last two weeks alone.
“We have had a huge number of auctions recently and achieved very high clearance rates as well,” Mr Bonaccorso said.
But despite the run of strong activity, Mr Bonaccorso said the market would cool down over the next two weeks before swinging upwards again in the second or third week of January.
Angelo Tesoriero of LJ Hooker Real Estate Bondi Beach agreed that Christmas was generally a quiet period for agents.
“It is a general rule that most people are on holidays. The market picks up pace in the New Year as buyers have time to plan their purchases and organise their finances,” Mr Tesoriero told Real Estate Business.
“People will rarely walk in and buy a place straight off the bat just because they are on a holiday.”