The Sydney weekend home auction market has recorded consecutive clearance rates above 70% for the first time since 2017 with lower interest rates, an easing of lending restrictions and revived confidence set to drive the market higher over winter.
Sydney’s 71.1% result was slightly lower than last weekend’s 72.7% but again well ahead of the 56.2% reported over the same weekend last year.
Reflecting the commencement of school holidays, auction numbers were low with seller’s yet to re-engage the market in significant numbers.
Just 289 homes were reported listed on Saturday which was well down on the previous weekend’s 428 and also the 442 auctioned over the same weekend last year.
Sydney’s weekend median auction price of $1,195,000 was higher than last weekends $1,100,000 and also higher than the same weekend last year’s $1,155,000.
Sydney’s Inner West and North West again reported strong results at the weekend although regional clearance rates were influenced by relatively small offerings.
Sydney’s auction buyer activity remains on the upswing but the missing link to a sustained market revival is clearly still-wary sellers.