Auction results: Despite drop in auction volume, Sydney clearance rate highest across nation
Sydney’s auction market continues to show signs it is heading back to peak conditions despite a drop off in the amount of homes going under the hammer.
Sydney recorded a preliminary clearance rate of 78.2 per cent this past week, per CoreLogic data, with 352 properties going to auction.
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Sydney was the strongest capital city across the nation, with Melbourne in second place at 70.3 per cent, followed by Adelaide at 66.6 per cent.
Nationally the clearance rate was 68.9 per cent.
This time last year there were 552 auctions held in Sydney, resulting in a final clearance rate of 50.1 per cent.
The high clearance rate comes after it was revealed there had been a 11 per cent drop in Sydney properties advertised for sale over the past month.
While there is nearly 35,000 homes available for sale across the Harbour City, many of those homes were “old stock”.
The strongest Sydney region was the city and inner south at 87.8 per cent, followed by Ryde at 85 per cent, the eastern suburbs at 82.1 per cent and the inner west at 81.5 per cent.
All other Sydney regions were very strong, none falling below the 70 per cent mark.
One of the strongest sales in Sydney was at 9 Reynolds Ave in Rozelle, which sold $300,000 above the reserve through Cobden and Hayson Balmain, while a Redfern property at 158 Little Eveleigh St sold $426,000 over reserve through Richardson and Wrench Newtown.
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