It’s giving it a damn good try with a ceaseless stream of articles all day yesterday, and from the leech today:
At least 100 people crammed into an auction room in Double Bay on Monday to bid for a slice of Sydney’s eastern suburbs.
Ray White was selling a 14 property portfolio of houses and apartments in Vaucluse, Darling Point, Bondi, Double Bay and Bellevue Hill.
But not everyone got what they wanted and some didn’t even get into the auction room.
In an unusual Monday night scene, 50 people were on the footpath on New South Head Road, unable to get into the auction room where more than $23 million worth of houses and apartments were snapped up.
So crowded was the auction, at one point auctioneer James Keenan said: “Lucky I can hear you because I cannot see you.”
…Overall, buyers, agents or sellers do not anticipate the hot market to fizzle out, nor do they expect a “crash”.
“There’s enough depth in the Sydney market,” Mr Placks said.
“Right now, the low interest rate, provides a good trade off between rent and buy. If a rental property costs $100,000 a year, [using that as deposit] that’s a $2 million loan.”
The method is clear:
- ignore all conflicting hard data on the market;
- quote only industry insider and like-minded parasites;
- focus intently upon individual successes over broader market stresses.
These are advertorials pretending to be editorial. Here’s the real evidence: which show rapidly falling price growth in two of three indexes:
Rapidly falling Sydney investor finance:
Rapidly falling transaction volumes:
Yes, auction clearances have firmed up and listings are lowish. But hard data is quite conflicted about the trends.
Can Domain lie the Sydney market back to life?
