Sydney auctions: Improved market sentiment behind recovery
The Sydney auction market has shifted dramatically over the past few months, with a number of factors making it a seller’s market yet again.
New South Wales recorded a preliminary clearance rate of 78 per cent this week, per realestate.com.au, from 255 results.
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CoreLogic put the Sydney clearance rate at 81.2 per cent, with 365 homes going under the market.
Sydney has consistently topped the 70 per cent mark over the past month, with improved market sentiment following the federal election, low stock and lower mortgage rates all appearing to provide a lift.
The best performing region in Sydney this week was North Sydney and Hornsby at 90.5 per cent, followed by the northern beaches at 87.5 per cent and the inner south west at 87.1 per cent.
The Sutherland region, eastern suburbs and city and inner south were all above 80 per cent as well.
Parramatta was the weakest, but still had a robust clearance rate of 68.4 per cent from 28 auctions.
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Sydney was again the strongest performing capital city, topping Melbourne which was at 73.2 per cent.
On the same weekend last year, there were 458 auctions in Sydney, which resulted in a clearance rate of 53.8 per cent.
One of the strongest results across the city was in Kirribilli, where a unit with views of the harbour sold $740,000 above reserve.