After threatening over the past month, Sydney finally breached the 80% clearance rate benchmark at the weekend which if sustained – as is likely – will certainly act to yet again bring out the “boom” word.
Sydney recorded its highest rate for over 2 years at 80.4% – up on the previous weekends 79.6% and well ahead of the same weekend last year’s 56.7%.
Listings increased for the 3rd consecutive weekend, but remain well below the same time last year which is certainly a factor in generating boom-time clearance rates as buyers scramble for scarce stock – particularly in inner suburbs.
437 homes were reported listed for auction in Sydney on Saturday which was higher than the previous weekend’s 376 but still well down on the same weekend last year’s 582.
Sydney’s median auction price increased again at the weekend to $1,306,000 compared to the previous weekends $1,230,000 and up on the same weekend last year’s 1,230,000.
The Central Coast recorded a 100% clearance rate from a handful of listings with the Northern Beaches and a resurgent North strong again at 95.0% and 94.4% respectively.
Get ready for higher house prices – and soon. It’s another boom?