Home News Mid-winter break slows down Sydney home auction market

Mid-winter break slows down Sydney home auction market

Font size :
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.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

Many millennials are relying on an inheritance to buy homes Many millennials are relying on an inheritance to buy homes

Lawyers are seeing cases where disputes over inheritance have created tensions within families Read more

Gen Y homeowners fearful of interest rate rises Gen Y homeowners fearful of interest rate rises Many are worried rising interest rates will negatively impact their cost of living expenses, according to a new survey ... Read more

Young Sydneysiders are less keen on homeownership Young Sydneysiders are less keen on homeownership Many would rather ‘rentvest’ than be tied down to a costly owner-occupier mortgage, according to new studies ... Read more

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate The sprawling redevelopment aims to boost the supply of affordable housing in Sydney ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords