Fewer than 400 homes are listed to go under the hammer in Sydney this weekend--a tad lower than last week’s recorded 419 and well below the 630 over the same weekend last year.
The inner west region has the highest number of regional auctions this weekend at 55, followed by upper north shore’s 49, south’s 48, the city and the east’s 37, the lower north’s 36, the west’s 33, Canterbury Bankstown’s 28, the southwest and the northern beaches’ 25 each, the northwest’s 15, and the central coast’s eight.
Mosman has the highest number of suburban auctions, followed by Camperdown, Blacktown, Eastwood, Baulkham Hills, and Lidcombe.
Still, Sydney’s auction market has strengthened over recent weekends, as it recorded a clearance rate of 75.4 per cent last Saturday, higher than the previous weekend’s 73.5 per cent.
This is due to increased investor activity over the recent weekends, as the latest Australian Bureau of Statistics data show the value of investor lending in NSW has increased by 22.3 per cent in May compared with April. Investor lending in NSW also accounted for 55.3 per cent of all residential lending approved over May. Lower interest rates and the prospect of a change to negative gearing have prompted investors to barge back into the Sydney housing market.