The Sydney weekend home auction market has bounced back strongly following the previous weekends holiday break with a booming clearance rate despite a surge in listings.
Sydney recorded a clearance rate of 80.8% on Saturday which was higher than the previous weekend’s 77.9% and well ahead of the same weekend last year’s 51.0%.
Auction numbers were predictably higher at the weekend with 626 reported listed compared to the previous weekends holiday-impacted 198 but also higher than the 550 reported over the same weekend last year.
Sydney’s median weekend auction price of $1,153,500 was lower than the previous weekend’s $1,220,000 but higher than the same weekend last year’s $1,132,500.
Most of Sydney’s suburban regions recorded strong clearance rates at the weekend with the exception of the South West.
The Central Coast and the South were both over 90% with the Inner West and Canterbury Bankstown just below at 89.0% and 87.8% respectively.
Lower interest rates and higher prices are motivating sellers to take advantage of strong competition generally for Sydney homes. First home buyers are also charging back into the market with more strong ABS lending results for this group over August.