 Medium priced housing flourishing
Properties priced in the mid-range have been faring exceptionally well in recent months, according to new data out this week.
The mid-range properties, valued between $700,000 and $1.2 million, are selling at auction 80 per cent of the time, whereas at the beginning of the year, this figure stood at 40 per cent.
LJ Hooker analyst David Maher says low stock, coupled with high demand has created a "seller’s market".
"Auction clearance rates haven’t been this good in many years," Mr Maher said.
A result of lower interest rates, government incentives and a rise in first property sales, a marked rise in interest in houses up for auction has been witnessed across the country.
Meanwhile, a recent report in the Sydney Morning Herald suggests banks are withholding loans to first home buyers which could cause more to look at other lenders and compare loans more carefully.
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