The Sydney home auction market produced another stunning performance at the weekend recording more boom-time clearance rates despite a surge in listings.
Sydney’s weekend rate of 80.5% was higher than the previous weekend’s 76.7% and well above the 47.0% recorded over the same weekend last year.
Auction numbers are now clearly reviving following a period of subdued activity from sellers with 813 reported on Saturday which was well above both the previous weekends 695 and the 681 reported over the same weekend last year.
Sydney’s median weekend auction price of $1,300,000 was yet again higher than the previous weekend’s $1,285,000 and also higher than the same weekend last year’s $1,261,250. Sydney’s northern suburbs produced outstanding results at the weekend led by the Northern Beaches with a 100% clearance rate with the Upper North Shore 90.5% and the Lower North 89.8%.
Recent relatively low listings can no longer be used to excuse boom-time clearance rates in Sydney with high auction numbers matching robust underlying buyer demand in the nation’s strongest housing market.