Auction market remains resilient despite dip in numbers due to long weekend
The Queen’s Birthday long weekend saw auction numbers dip significantly across Sydney but did little to dampen strong bidding at a host of homes across the region.
Sydney recorded a preliminary clearance rate of 62.8 per cent, according to CoreLogic data, from just 310 auctions.
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This number is well down on the 674 auctions held last week, while last year there were 415 properties going under the hammer on the same weekend.
This resulted in a clearance rate of 56 per cent.
The strongest Sydney region this week was Ryde, with a preliminary clearance rate of 81.8 per cent from 13 auctions.
The City and Inner South was also over 80 per cent, with North Sydney and Hornsby strong at 78.6 per cent, while the Eastern Suburbs finished up at 65.6 per cent from 37 auctions.
The South West didn’t fare as well, recording a 27.3 per cent clearance rate from 16 auctions.
One strong result was in Newtown, where a three-bedroom brick home on Wilson St sold $590,000 above reserve to first homebuyers.
The number of new listings in Sydney is down by nearly 25 per cent over the past 12 months, while the number of total listings sits at 26,341, a slight decline of 0.8 per cent over the year.
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