Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 25 February 2017

Deuces are wild

Wild Sydney Saturday

Very busy in Sydney today, in spite the atrocious end-of-season weather, with prospective property purchasers and the traditional tyre-tickers out in force alike. 

Can't say for sure what's going on across the wider Sydney market, but in the eastern suburbs and inner west auctions were packed out with some seriously cashed up buyers and bidders.


Unlike in the United Kingdom where there are punitive inheritance taxes even for moderate estates, Australia has long since abolished its state and federal death duties.

It shows. 

There are some seriously cashed up buyers around in markets that have experienced strong price gains like Sydney, with dozens of bidders registering at auction, even for properties selling in the $3 million plus price bracket.

And accordingly there were some monster auction results east, west and north of the City today: from Marrickville to Maroubra to Mosman, from Drummoyne to Dee Why, to Bronte and Bondi.

Today's median auction price in Sydney was $1,420,000, some 18 per cent higher than a year ago. 

And here's that number in its historical context. 


Gulp.

Norman, Oklahoma, Lightning, Dangerous