Home News Sydney auction clearance rate soars

Sydney auction clearance rate soars

Font size :

Auction clearances in Sydney jumped to 71.1% in the first
weekend of February, as first homebuyers raced to take
advantage of the government grants and decade-low
interest rates, according to RP Data.

For the week ending 8 February, all capital cities saw an
increase in auction volumes, with Sydney recording the
strongest buying activity. Total weekly auctions surged from
60 to 164, while the clearance rate climbed from 48.5% to
71.1%.

Buyers were also active in Canberra with auction
clearance rates rising to 63.6% from 12.5% in the previous
week. Brisbane rose to 32.4% from 25%, with volumes
doubling to 87 compared to a week ago.

In Melbourne, total auctions doubled from 60 to 125 from
a week ago; however, clearance rates fell by about 10% to
57.1%. Buying activity slowed in Perth with the clearance
rate falling to 37.5% compared to 53.3% a week ago.

Tim Lawless, national research director with RP Data,
noted that the number of new advertisements for residential
property continued to ramp up last week. However, there's
still some way to go before the number of properties being
marketed reaches the same level as in early December.

"If early 2009 is an indication, we should be back into
normal listing conditions by about the first week of March."
The lift in market activity was mostly concentrated in the
owner-occupier segment of the market as investors remain
on the sidelines, according to Lawless.

"It's likely the trend of greater first homebuyer activity will
continue, with anecdotal evidence continuing to indicate
higher buyer turnouts at open homes and auctions. With
more buyers active in this segment, it's highly likely we'll
start to see upwards price pressure in this segment during
the first half of 2009," said Lawless. YM

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

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

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More mortgage news and articles

Sponsored Links

Tuesday, Aug 22, 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