Sydney is experiencing a rise in interest and sales in the prestige market at the moment. This had lead to a higher number of inspections and good results on or before auction day with competitive bidding. There are reports of a 76.3 percent auction clearance rate, the highest recorded in many years. This has been compared to similar market activity that occurred in 2010. A number of properties were sold over $2 million in one weekend, with the highest selling price $5.15 million. There were six Chinese buyers with interest in this property, leading to a higher than expected selling price.
The “boom” has been attributed to low interest rates, the positive improvement of the stock market which is giving buyers more confidence and interest from Chinese buyers who are investing. This directly relates to the Wagga Wagga market of late, with interested Chinese investors looking to develop here. This will attract more people to our city, creating more demand in the real estate industry in Wagga Wagga.