Fewer than 400 homes were scheduled to be auctioned last weekend as the Sydney home auction market winds down for its usual mid-winter break.
Sydney's inner west had the highest number of auctions last weekend with 63, followed by the upper north shore's 55, the south's 43, the southwest's 40, the city and the east's 37, the lower north's 28, the west's 27, the northwest's 20, the northern beaches' 19, Canterbury Bankstown's 18, the central coast's 12, and the Blue Mountains' two.
Though higher than the previous weekend's 200 auctions affected by the federal election, it is well below the 600 plus offerings during the June weekends. It recorded a total clearance rate of 71.7 per cent over June, which was higher than 69.2 per cent over May.
Nearly 3,000 fewer weekend auctions have been conducted in Sydney this year compared with the same time last year—a fall of over 20 per cent. However, low and falling interest rates continue to support buyer and seller confidence, with strong competition among banks for mortgage customers also driving housing demand.
Even though the Reserve Bank has decided to leave interest rates on hold over July at a record low of 1.75 per cent, another cut could be on the cards sooner rather than later. This depends on the June quarter inflation data to be released by the Australian Bureau of Statistics on July 27, as another low result could spell a rate cut. Political uncertainty, both locally and internationally, can only add to the case.
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