Sydney’s pre-spring weekend auction market continues to generate strong buyer competition but seller numbers remain disturbingly low for this time of the year Sydney recorded another 2-year high clearance rate on Saturday at 79.6% – higher than the previous weekends 79.2% and well ahead of the same weekend last year’s 54.2%
Although auction numbers increased for the 2nd consecutive weekend, the rise was marginal with no sign yet of any significant pre-spring seller enthusiasm.
376 Sydney homes were listed for auction on Saturday which was marginally higher than the previous weekend’s 324 but 25% fewer than the same weekend last year’s 499.
Sydney’s median auction price increased again at the weekend to $1,230,000 compared to the previous weekends $1,140,000 but remained lower than the same weekend last year’s 1,242,500.
Higher-priced inner suburban regions again reported the top regional results led by the Northern Beaches, the Inner West and the City and East with boom-time clearance rates.
Consistently strong auction results should encourage wary sellers into the spring market despite the latest media scare campaign regarding the prospect of a recession – yes really!