Home News Sydney home auction market bounces back strongly after holiday pause

Sydney home auction market bounces back strongly after holiday pause

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The Sydney home auction market is showing no signs of slowing down this winter after recording a 78.3 per cent clearance rate last weekend following a 70.1 per cent clearance rate over the Queen’s Birthday holiday the previous weekend.

Despite the challenge of high listings, Sydney recorded a strong result last Saturday. About 650 homes went under the hammer in what could be regarded as the fourth highest weekend offering so far this year. It is also the among the highest ever conducted on a June Saturday. Clearance rates are also consistently above the results recorded earlier in the year.

Inner suburban and higher priced regions produced the highest clearance rates. Sydney’s outer west and southwest regions also continue to report higher clearance rates compared to the lows recorded earlier in 2016.

The northern beaches had the highest regional clearance rate at 87.5 per cent. This was followed by the city and east at 86.2 per cent, the lower north at 82.6 per cent, Canterbury-Bankstown at 82.4 per cent, and the inner west at 78.9 per cent.

Sydney also recorded a median auction price of $1,117,500 last weekend, higher than the $1,150,000 recorded over the same weekend last year. A total of $353.2 million was sold at auction last weekend.

This Saturday, buyers should expect around 600 auctions for another strong June weekend as sellers bring forward activity to avoid a clash in the upcoming federal election.

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