Sydney auction property market bounces back with surprise clearance rate

Sydney recorded a stunning clearance rate of 85.1 per cent on Saturday, which was well ahead of the previous weekend’s surprisingly-low result of 77.1 per cent and, remarkably, nearly 15 per cent higher than the 71.3 per cent recorded over the same weekend last year.

Although growth rates are unlikely to match last year’s record levels, prices will nonetheless prove more headaches for local first home buyers struggling to get into the market.

The Sydney home auction market has bounced back hard by recording its highest clearance rate since June last year, at the height of the then-record boom in house price growth.

Sydney recorded a stunning clearance rate of 85.1 per cent on Saturday, which was well ahead of the previous weekend’s surprisingly-low result of 77.1 per cent and, remarkably, nearly 15 per cent higher than the 71.3 per cent recorded over the same weekend last year.

Although growth rates are unlikely to match last year’s record levels, prices will nonetheless prove more headaches for local first home buyers struggling to get into the market.

Just 1682 homes have been auctioned in Sydney over September weekends so far, which is 802 fewer than the same period last year – a fall of 32.2 per cent.

Sydney’s regions produced some extraordinary results at the weekend, with three areas recording clearance rates above 90 per cent. The top performer was the booming upper-north shore with 91.9 per cent, closely followed by the south with 91.7 per cent, the inner west with 90.8 per cent and the highest sales at 69, the northern beaches with 89.3 per cent, the city and east with 86.3 per cent, the lower north with 83.9 per cent, the west with 80.8 per cent, the north-west with 80 per cent, the south-west with 76.5 per cent, Canterbury Bankstown with 71.4 per cent and the central coast with a clearance rate of just 37.5 per cent.

Source: SMH