Auction wrap: Sydney preliminary clearance rate at highest level since February 2017

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The Sydney auction market is on a role. (AAP Image / Julian Andrews).

The Sydney auction market continues to surge, with the preliminary clearance rate hitting its highest level since February 2017.

The clearance rate reached 84.7 per cent over the past week from 500 auctions, which is well up on the 53.2 per cent on the corresponding week last year, per CoreLogic data.

For NSW as a whole, it was at 83 per cent according to realestate.com.au.

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The clearance rate was 84.7 per cent, per CoreLogic data. (AAP IMAGE MONIQUE HARMER)

Sydney’s strongest region was the Northern Beaches at 92.6 per cent, followed by North Sydney and Hornsby at 91.9 per cent and the city and inner south at 90 per cent.

The inner west was also strong at 89.3 per cent, as was the eastern suburbs at 87.7 per cent and the inner south west at 86.1 per cent.

It is clear that the prime property in exclusive enclaves has rebounded the strongest, with Parramatta and the south west at 69.2 per cent and 66.7 per cent respectively.

One of the top sales to come out of the weekend was in Centennial Park, where a home on Lang Rd is believed to have sold for about $12 million.

This Centennial Park home sold on Saturday.

Bidding started at 10.5 million.

Bidding kicked off at $10.5 million before selling agent Ben Collier of The Agency submitted a vendor bid of $11.8 million. It sold later that evening.

Sydney was again the strongest capital city, but Melbourne also performed well, nearly cracking the 80 per cent mark.

Heading into spring the number of new Sydney listings is still well down. There are nearly 25 per cent less properties for sale compared to last year.

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