The Sydney auction market produced more robust results for sellers generally on Saturday with clearance rates again well over 70% despite a surge in listings.
Sydney’s weekend rate of 75.9% was down on the previous weekends two-year high 78.9% result but again well ahead of the 55.6% recorded over the same weekend last year.
Sydney has now reported 5 consecutive weekends above 70% in a remarkably consistent mid-winter performance for a clearly revived market.
The strong weekend result was recorded despite a surge in listings that increased by 27.3% to 340 compared to the previous weekend’s 267 but still behind the 417 listed over the same weekend last year.
Sydney’s weekend median auction price of $1,110,000 was lower than last weekends $1,187,000 and the same weekend last year’s $1,124,000.
The South and the City and East were top weekend regional performers with most areas recording rates well above 70%.
Saturday’s auctions were the first increase in weekend listings for two months and signal the beginning of the rise in activity towards the spring selling season.
With strong clearance rates from rising listings a clear spring prospect, higher home prices are sure to follow.