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Record-breaking Sydney auction market booming into spring

22 Aug 2016 Padstow 0 Comment

Sydney is witnessing the strongest late-winter home auction market on record, putting sellers in good stead in the lead up to spring.

The city recorded an astonishing 84.1 per cent clearance rate at the weekend, topping the previous August high of 84 per cent set in 2013.

The high clearance rate could reflect low auction numbers – 492 homes were up for grabs on Saturday, well below the 723 listed over the same weekend last year when the market clocked at 76.4 per cent clearance rate.

The results were consistent across Sydney, with all but one region recording clearance rates above 80 per cent.

The central coast was the top performer with 92.9 per cent, followed by the city and east with 89.7 per cent, the lower north with 88.4 per cent, the upper north shore with 87.1 per cent and the highest number of sales at 54, the inner west with 85.2 per cent, the south with 84.2 per cent, Canterbury Bankstown and the north-west each with 82.6 per cent, the west with 81 per cent, the northern beaches with 80 per cent. The south-west was the clear under performer, with a clearance rate of just 58.3 per cent.

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