Sydney’s weekend auction clearance rates continue to soar and are now remarkably on course to reach the boom-time benchmark of 80%.
Sydney recorded another 2-year high result on Saturday with a 76.0% clearance rate which was well ahead of the previous weekends 71.7% and light years away from the same weekend last year’s 52.7%
Low listings are clearly influencing higher clearance rates, providing buyers with limited choices.
Only 283 homes were reported listed on Saturday which was similar to the previous weekend’s 289 but again well down the 347 auctioned over the same weekend last year.
Sydney’s weekend median auction price of $1,187,000 was slightly lower than last weekends $1,195,000 but again higher than the same weekend last year’s $1,072,000 Canterbury Bankstown and the Upper North Shore were the top regional performers at the weekend with the North West well down on its recent strong results.
Relatively small offerings can however produce volatile results at the regional level School holidays finish this week with a more-focused auction market set to resume in coming weekends with higher listings – but how much higher will be the acid test for a reviving Sydney market