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Strong auction clearance fuels property price rise in Sydney

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Residential auction clearance rates in Sydney are remaining at high levels as demand for property continues to outstrip supply.

Data from CMP Research shows a 71% clearance rate in June, slightly lower than the 72% achieved during May. More than $760m worth of property changed hands at auction during the month, 1351 properties were on offer and 962 were sold.

The figures show that units cleared slightly better than houses with 73% of those offered being sold and just 70% of houses.

Only 915 properties were up at auction at the same time last year and just 61% or 554 were sold, at a combined value of $423m.

John Wakefield, managing director, CPM Research, said: "Clearance a year ago was only 61% and prices were declining. During the year the market has turned around and is now on course for sustained improvement. That's if interest rates stay where they are now."

The data also revealed that the median price for a freestanding house in Sydney is now up to $812,000, increasing 8% in the year. The median price of units was $452,500.

Wakefield said he was confident of further price rises in the coming months in the wake of sustained strong demand for property.

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