Sydney auction market: Low stock gives vendors competitive edge at auction
The Sydney auction market is being spurred on by low stock levels, which is creating the perfect competitive environment for properties going under the hammer.
New South Wales recorded a preliminary clearance rate of 74 per cent from 263 auction results, according to data from realestate.com.au, which is slightly below Victoria for the week.
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Sydney as a whole has a preliminary clearance rate of 74.8 per cent from 381 auctions, per CoreLogic data, considerably higher than the 51.9 per cent this time last year.
The strongest performing Sydney region was the inner west, with a preliminary clearance rate of 88 per cent, followed by the inner south west at 87.1 per cent and Ryde at 85.7 per cent.
Other regions to top 80 per cent include the city and inner south and North Sydney.
The south west struggled at 57.9 per cent, as did Sutherland at 66.7 per cent.
Parramatta had a clearance rate of 69.2 per cent from 19 auctions.
There are 4118 new listings in Sydney, a number which has fallen by 31 per cent over the past 12 months.
Overall, there are 22,147 properties on the market, which is 15.4 per cent less than the same time last year.
The lack of quality stock in many Sydney regions means buyers are competing hard for what is available.
Some of the biggest results from the weekend include a Ryde home of 30 years selling $200,000 above expectations, while a colourful home in Five Dock sold $500,000 above reserve.
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