Sydney auction rate sets 12-month high

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The last Saturday in August ushered in the beginning of the spring home-selling season, with Sydney recording a clearance rate of 80.1 per cent at the weekend, according to Domain News. This is higher than the 73.7 per cent recorded in the same period last year but lower than last weekend’s 84.1 per cent, which set August’s all-time high.

For the first time since July last year, Sydney had three consecutive weekends with clearance rates above 80 per cent and this is expected to continue.

Sydney recorded a total of $382.3 million worth of property sold at last Saturday’s auction. The average auction price for the area was $1.2 million, higher than the $1,175,000 the previous Saturday. The weekend’s average price was also 9.1 per cent higher than the $1.11 million recorded over the same period in 2015.

The higher–priced inner suburban regions of Sydney continued to register outstanding auction results last Saturday. 

The top performer was the northern beaches which had a clearance rate of 91.9 per cent. Trailing closely behind is the city and east with a clearance rate of 89.7 per cent and the most number of sales at 64. 

The inner west registered a clearance rate of 84.8 per cent, followed by the lower north with 82.9 per cent, and the upper north shore with 82.8 per cent. The northwest recorded a clearance rate of 82.4 per cent, followed by the southwest with 82.1 per cent.  

The clearance rate for the south is 76.2 per cent followed by the west with 69 per cent and Canterbury Bankstown with 63.2 per cent. The central coast registered a clearance rate of just 25 per cent.

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