Property Insights

“Where are buyers coming from??” Mark Bouris & Damien Cooley

14th May, 2024

Damien Cooley returns to Property Insights with Mark Bouris.

Damien is one of Sydney’s leading real estate auctioneers, and appeared on Amazon Prime’s Luxe Listings Sydney.

In his third appearance on the show, Cooley shares all the his latest insights and updates on auction results and more.

Here are some of key ideas discussed in the video:

1. The Sydney real estate market saw a strong 71% auction clearance rate in March despite rising interest rates. Auction volumes were higher than last year.

2. The number of registered bidders at auctions has decreased slightly, which surprises Cooley given that prices have continued rising against expectations.

3. Cooley discusses where high-end buyers ($5-6 million properties) are coming from, including intergenerational wealth transfers, successful local business owners, and overseas investors.

4. Apartment sales are also very strong, with an example given of 9 out of 10 apartments selling over reserve at a recent auction, indicating conservative vendor reserves or a hot market.

5. For building an investment property portfolio, Cooley recommends buying what owner-occupiers buy for stability, with a mix of apartments, houses, and future development sites as budgets allow over time.

6. Cooley shares his views on the booming regional real estate markets of Newcastle, Wollongong and the Central Coast.

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