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Strong competition drives house price increase in Sydney

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Around 360 auctions are set to go under the hammer in Sydney this weekend, lower than last week’s 371 and well below the 715 listed over the same weekend last year. The low numbers of available mid-winter properties for sale are fueling strong competition among buyers, leading to strong results and a sharp increase in Sydney house prices.

The inner west and upper north shore will host the highest number of auctions with 54 each. They are followed by the south with 44, the city and the east with 37, the lower north with 32, the northern beaches with 31, the west with 28, Canterbury Bankstown and the southwest with 22 each, the northwest with 16, and the central coast with nine. The most popular suburbs in the city this weekend are Ryde, Surry Hills, and St. Ives, each with six houses for auction.

Despite the lower winter listings, the Sydney home auction market still produced strong results last weekend, recording a clearance rate of 75.5 per cent.

Furthermore, the strong auction market conditions through autumn and into winter have resulted in a sharp increase in Sydney house prices. According to the latest Domain data, Sydney’s median house price recorded an increase of 2.4 per cent over the June quarter, exceeding $1 million. Its annual price has increased by just 1.2 per cent over the past year and just 0.6 per cent over the quarter. With the prospect of further fall in interest rates, Sydney prices are still likely to rise through the remainder of 2016.

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