The Sydney home auction market registered an astounding 84.1 per cent clearance rate at the weekend, exceeding its previous high of 84 per cent recorded in August 2013.
This same time last year, the market recorded a 76.4 per cent clearance rate with 723 homes listed for auction. This year, there were only 492 homes listed.
Across Sydney, above 80 per cent clearance rates were recorded except in the southwest region, which underperformed at a 58.3 per cent clearance rate. The central coast ended up as the top performer with a 92.9 per cent clearance rate, followed by the city and the east with 89.7 per cent, the lower north with 88.4 per cent, the upper north shore with 87.1 per cent, the inner west with 85.2 per cent, the south with 84.2 per cent, Canterbury Bankstown and the northwest with 82.6 per cent each, the west with 81 per cent, and the northern beaches with 80 per cent.
Sydney’s average auction price last Saturday was $1,175,000. This was higher than the $1,020,500 recorded last weekend. The former is also slightly higher than the median auction price of $1,145,000 recorded in the same period last year. Sydney sold a total of $340.2 million at the weekend auction.
Higher interest rates from banks responding to policy changes from financial regulators impacted the local market over spring last year. A continuation of prices growth that revived sharply over the June quarter is now moving the market back into overdrive.
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