2GB Sydney Now with Luke Bona
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2GB Sydney Now with Luke Bona
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Sydney's property market shows resilience with auction clearance rates of 76% despite winter conditions and the Reserve Bank holding interest rates. The market is experiencing "artificial strength" due to extremely low housing stock levels while buyer numbers remain consistent.
• Domain reports Sydney auction clearance rate at 76%, up from 62% during the same weekend last year
• Unit market continues to underperform houses due to ongoing concerns about building defects
• Rental crisis shows no signs of improving with queues at winter inspections, which is highly unusual
• Basic granny flat in Avalon commanding $690 per week
• Immigration policy contributing significantly to rental pressure
• Building industry hampered by high costs, labor shortages, and competition from government infrastructure projects
• Developers struggling to make projects financially viable due to increased material and labor costs
• Market expected to remain strong with little downside risk due to continued low supply and expected future interest rate cuts
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