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Sydney Harbour mansion sells for $23million renewing hope of a property boom in Australia once again

Has the property market bounced back? Renewed optimism among homeowners as auction clearance rates soar and a Sydney mansion draws a record bid of $23.25million

  • The Australian property market may be bouncing back two months into 2019
  • There has been speculation surrounding a devastating pricing plunge soon
  • More than 150 people turned out to an auction to see a home sell for $23 million 
  • The property has since broken the record for highest price paid at an auction 

The Australian property market may well be bouncing back after weeks of speculation surrounding a sudden and potentially devastating price plunge.

CoreLogic data found there were 2,303 homes taken to auction this week, with a clearance rate of 54.1 per cent. 

On the whole there has been a rise since last week, when 1,450 auctions were held with a clearance rate of 51.2 per cent, according to The Australian.

The outcome has brought renewed optimism among homeowners, who hope the trend may carry throughout 2019 and see a steady rise in house sales.

The Australian property market may well be bouncing back after weeks of speculation surrounding a sudden and potentially devastating price plunge

More than 150 people turned out on Saturday to watch property mogul Stephen Burcher's home (pictured) go to auction

More than 150 people turned out on Saturday to watch property mogul Stephen Burcher’s home (pictured) go to auction

The market has not bounced back to where it was this time last year, when a clearance rate of 66.8 per cent was recorded – but researchers are hopeful.

‘It will be interesting to see how clearance rates hold up now that auction volumes have started to pick up,’ a CoreLogic researcher said. 

While economists are still predicting big falls in property prices throughout 2019, others are hopeful this trend may provide an insight into the market finding its new comfortable level.

The hotly anticipated auction had six registered bidders, but some did not put in an offer on the day

The hotly anticipated auction had six registered bidders, but some did not put in an offer on the day

The five-bedroom and five-bathroom home was initially priced at $25million but didn't reach the asking price

The five-bedroom and five-bathroom home was initially priced at $25million but didn’t reach the asking price

More than 150 people turned out to watch property mogul Stephen Burcher’s home in Rose Bay, in Sydney’s east, go to auction on Saturday, when it was passed in with an offer of $23.25million.

The previous bidding record was held by the Le Manoir estate in Bellevue Hill, which sold in 2009.

The hotly anticipated auction had six registered bidders, with the highest offer came from a Chinese buyer, Domain reported.

The five-bedroom and five-bathroom home was initially priced at $25million, with sprawling views of the harbour, a private boat shed and an internal lift across the three level property. 

The home boasts sprawling views of the harbour, a private boat shed and an internal lift across the three level property

The home boasts sprawling views of the harbour, a private boat shed and an internal lift across the three level property



Read more at DailyMail.co.uk


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