Market Wrap: Stability returns to the market after a massive month of auctions

Despite experiencing a massive month of auctions with 480 properties going under the Cooley Auctions’ hammer throughout May, we’re beginning to witness some significant changes taking place in the Sydney metro real estate market.

The outstanding prices achieved during the pre-Easter high - a result of large numbers of registered bidders all vying to purchase properties from the low stock levels on offer - has worked to create strong vendor expectations.

But with increased stock levels and fewer registered bidders we’re now seeing a return to a more stable market place that vendor expectations have not yet adjusted to. High reserves are now giving way to reduced clearance rates that in some sectors of the market have dropped from the early 80 per cent to the early 60 per cent range. A fact that can also be attributed to global financial uncertainty and rising interest rates.

The market will continue along a stable path provided vendor’s expectations align with buyer’s limitations, and I believe that we will see a reasonably good volume of properties hitting the market throughout winter. more info.

2010 Cooley Golf Classic raises $53,000 for Father Chris Riley’s Youth Off The Streets

I’m absolutely thrilled to announce another successful Cooley Golf Classic where together we raised an outstanding $53,000 for Father Chris Riley’s Youth Off The Streets – smashing our previous year’s totals of $20,000 and $35,000 respectively and lifting our total donations over the three golf classics to a massive $108,000.

I would like to sincerely thank all of you who made the day a success by giving it your support and attending, and through your generous donations. In particular I’d like to thank our hole sponsors Domain, The Sydney Morning Herald, Gough Recruitment, Walter Turnbul, Piper Property Group, Icons of Sport and Splash Window Displays, as well as all the local businesses who donated items for the charity auction, raffle items and prizes.

The proceeds from the day will fund two $10,000 scholarships for two talented students that come from disadvantaged circumstances, providing critical financial support for further education. And the remaining $33,000 will go towards helping the Youth Off The Streets foundation carry out their important work, including working with young people who are chronically homeless, drug dependent and recovering from abuse. more info.