Property sales in southern and inner Sydney as well as south east Queensland have gone gangbusters in the months leading up to Christmas, according to John McGrath.
McGrath Group claims a record 1,003 auctions over the November period is a 21 per cent increase on its previous number of November auctions, at 829.
Chief executive of McGrath Estate Agents John McGrath said 80 per cent of the November properties yet to be sold are between the $750,000 and $3 million bracket, spread across Sydney’s eastern, inner and north-western suburbs.
“Outstanding results in October and a record number of auctions in November refute those who say the market has run out of steam,” Mr McGrath said.
“To the contrary, we’re seeing the strength of the metro market spill over to regional areas as buyers recognise some great buying opportunities and value for money, both for investors and owner occupiers.
“Regional NSW is seeing an upsurge of activity, with some city buyers looking for more affordable options in great lifestyle locations, with new found equity as their city properties have increased in value over the past two year.”
Figures from McGrath show sales within the sleepy town of Thirroul, near Wollongong on Sydney’s south east coast, are up over 500 per cent when compared to the same period last year, with $14.1 million in combined sales. Sales in the south east Queensland town of Buderim increased 179 per cent to $13.4 million.
Mr McGrath said the prestige market is well into its recovery, with McGrath offices recording an 89 per cent clearance rate for properties valued at $3 million, whereas last year it was 59 per cent.