Over August Sydney’s housing market has finished August on a high with yet another strong weekend auction clearance rate.
Sydney recorded a clearance rate of 78.6% which was just below last weekend’s 2-year high 80.4% – but well ahead of the same weekend last year’s 58.6%.
Listings increased again at weekend and are gradually getting closer to the levels of a year ago.
485 homes were reported listed for auction in Sydney on Saturday which was higher than the previous weekend’s 437 but still down on the same weekend last year’s 556.
Sydney’s recorded a median auction price of $1,250,000 at the weekend which was lower than the previous weekend $1,306,000 but higher than the same weekend last year’s 1,177,500.
The South was top regional performer at the weekend with a 96.4% clearance rate followed somewhat surprisingly perhaps by the South West 88.2% and the North West with yet another strong result at 88.0%
The spring selling season has now commenced with the Sydney housing market on the rise and in its best shape since the last boom in 2016.
All eyes now turn to the RBA for Tuesdays rate decision – recognising that another cut will provide more yet fuel for the hot Sydney real estate market.