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What happened to the markets in October 2016?

By Jessica Ridder

It is no wonder that the property market comes alive in Spring, with the warmer weather and gorgeous gardens, buyers come out in droves and traditionally there are more properties on the market.
The team at Ray White took 6 properties to Auction on Sunday 16th of October, 2 sold prior, 3 sold under the hammer and one sold shortly afterwards. This represents a 100% clearance rate. The average sale price of the 6 properties was $958,333 and included a price record for 2016 for a 2 bedroom home ($875,000 – 61 Wentworth Street, Blackheath).
Our November Auction campaign is starting soon, with the first open home on Saturday 29th of October and the Auction booked in at Blackheath Golf Club for Sunday 20th November. We have three fantastic properties already signed up for this Auction. Keep checking our web-site to be the first to find out where these properties are located http://raywhiteupperbluemountains.com.au/

National Housing Market Outlook
Interest rates are currently at an all time low, with the Reserve Bank of Australia recently dropping rates again. ‘This is likely to fuel the market, particularly in Sydney, with strong price growth and high clearance rates expected in Spring’ says CEO of Ray White Stephen Nell.

If you would like a more detailed report of the local property market call the office on 02 4787 8797 or email jessica.ridder@raywhite.com and request a free Market Report.

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