Sydney auction market strongest across Australia with preliminary clearance rate above 80 per cent
The Sydney auction market has once again dominated the rest of the nation, recording a preliminary clearance rate of 81.5 per cent.
The result was considerably stronger than Melbourne, the next closest capital city, which had a clearance rate of 70 per cent, per CoreLogic data.
Buyers battle for chance to knock down home
Suburbs leading the market recovery
Deceased estate smashes reserve by $620,000
Auction volumes are still well down on last year though, with 303 properties going under the hammer in Sydney this week, 100 less than the corresponding week last year.
The strongest region in Sydney was the inner south west with a clearance rate of 93.3 per cent, while the northern beaches, Sutherland Shire and Baulkham Hills region were all above the 90 per cent mark.
The weakest region was Ryde at 66.7 per cent, while the eastern suburbs was at 76.9 per cent.
One of the strongest sales on the weekend was a one-bedroom unit in Mosman that sold $51,000 above reserve for $901,000.
There was also a huge turnout at an auction in Leichhardt which had eight registered bidders and sold nearly $40,000 above reserve.
This time last year the Sydney clearance rate was just 55.2 per cent.
SIGN UP TO THE NSW REAL ESTATE NEWSLETTER