Sydney property market leads the way with nearly eight out of 10 homes selling at auction

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Auction clearance rates are up from this time last year. Picture: AAP IMAGE / MARK SCOTT.

It was business as usual for the Sydney auction market as it once again dominated the rest of the nation, recording a preliminary clearance rate of 78.5 per cent.

The result is an astonishing 26.1 per cent higher than the 52.4 per cent clearance rate recorded this time last year, as buyer confidence continues to grow in the lead up to spring.

Sydney’s rival Melbourne was the next closest capital city on the weekend with a clearance rate of 74 per cent, according to CoreLogic.

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While Melbourne’s clearance rate is up from last week, Sydney’s result is slightly down from 81.5 per cent.

Stock levels across Sydney remain tight with only 391 auctions taking place on the weekend — 78 fewer than the same week in 2018.

The eastern suburbs was the best-performing Sydney region with a clearance rate of 93.3 per cent, and the northern beaches was hot on its heels with a 92.6 per cent rate.

All Sydney regions except for Baulkham Hills had clearance rates above 70 per cent, with the latter only managing 50 per cent.

No. 43 Spring St, Arncliffe had 12 registered bidders and sold for $895,000. Picture: Sam Ruttyn

No. 79 Junction Rd, Wahroonga, was one of Sydney’s best results.

Blacktown, outer south west and the Blue Mountains were the only areas of Sydney to not have a clearance rate due to a lack of auctions.

One of the strongest sales on the weekend was a five-bedroom house at 79 Junction Rd in Wahroonga, which sold for $3.36 million.

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There was also a huge turnout at an auction for an abandoned house infested with termites in Arncliffe which had 12 registered bidders and sold for $150,000 above reserve.

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