Clearly the Sydney property market is rebounding with Sydney auction clearance rates surging beyond 70 percent for the first time since 2017.
Sydney’s home auction market rebounded strongly at the weekend following last weekend’s holiday pause, recording its highest clearance rate for nearly 2 years Sydney’s 71.1% result was higher than last weekend’s 58.6% and also higher than the same weekend last year’s 56.4%.
Buyer confidence has gradually risen this year, but has soared since the federal election and the recent announcement of an official cut in interest rates.
Saturday’s result was the highest for a full weekend since November 2017.
Seller numbers however remain subdued with 471 homes reported listed for auction on Saturday which although predictably higher than the previous holiday weekend’s 211 remained as usual well below the 593 auctioned over the same weekend last year.
Sydney’s median auction price of $1,070,000 at the weekend was also lower than the same weekend last year’s $1,125,000.
Sydney’s Inner West, North West and Upper North Shore all reported strong results at the weekend with clearance rates over 80%.
All regions however recorded rates above 50% reflecting an emerging market consistency.
Rising buyer activity is set to be maintained during winter although choices will as usual be restricted until the typical spring seller.
This means that if clearance rates are sustained at these latest levels they are likely to put upward pressure on house prices.