With only 509 homes scheduled to go under the hammer this weekend, Sydney's auction levels remain below the numbers of the pre-Easter holiday break and the same time period last year. A year ago, falling interest rates catalysed housing market activity in Sydney, but rates have remained on hold so far this year.
Sydney's inner west area has the highest number of auctions listed at 82, followed by the upper north shore and south shore at 78 and 74, respectively. The clearance rate was at 73.7 per cent last weekend, which was a bit below the 74.1 per cent recorded on the pre-Easter weekend. It was also below the average weekend rate of 74.5 per cent. The most popular suburb this weekend is Mosman with nine auctions, followed by seven auctions each in Ryde, Randwick, Carlingford, Killara, and Marrickville.
Just last week, the Reserve Bank of Australia decided to leave the official interest rates at two per cent for the 11th
consecutive month this April. Low interest rates have been fuelling buyer activity in the Sydney housing market.
However, a near-term cut in the rates remains in the cards with mixed reports on national economic health. According to the latest data from the Australian Bureau of Statistics, the recent home building boom has already peaked, which might mean falling or flat house prices in the future. The trend for retail sales growth is also declining while the inflation remains low and the Australian dollar continues to track well above the policymakers' preferred levels.
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