Home News Sydney auction rate sets 12-month high

Sydney auction rate sets 12-month high

Font size :
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.

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

Choosing the right mortgage is hard for many first-home buyers Choosing the right mortgage is hard for many first-home buyers

Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

To break monopoly, many smaller lenders could become banks To break monopoly, many smaller lenders could become banks The proposed change could break the Big Four’s monopoly over the mortgage market and help families get cheaper home loan rates ... Read more

Borrowing against the home: A strategy to pay for aged care Borrowing against the home: A strategy to pay for aged care Such debts can generally be divided into long-term and short-term loans ... Read more

More mortgage news and articles

Sponsored Links

Monday, Jul 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • 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