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$693.3mn of property sold on Sydney auction market

Last weekend (February 25th to 26th), the Sydney property auction market reported a total of 693.3 million sold. 

Overall boom-time conditions are prevailing as this marks the third consecutive weekend clearance rate above 80 per cent, Domain reports.

A median auction price of $1.42 million was posted on Saturday - higher than the $1,23 million reported the previous weekend and 18.3 per cent higher than the $1.2 million taken over the same weekend last year. 

While the 80.2 per cent clearance rate was just below the previous weekend's 83.1 per cent figure, it was still well ahead of the 76.9 per cent recorded during the same weekend in 2016.

Strong buyer demand continues to encourage sellers - particularly in the inner suburban areas and higher-priced regions. The fact that these areas dominated the results is consistent with a pattern that has established in Sydney over the course of the past 12 months.

A record 940 homes were listed, significantly ahead of the 674 auctioned the previous weekend and higher than the 654 offered over the same weekend in 2016. The previous February record for Saturday auctions was 785 in 2014.

Western suburbs were well below the leaders, with the Blue Mountains reporting only a single auction. This gave it a clearance rate of 100 per cent that was followed by the upper north shore with 86.9 per cent and the inner west with 85.6 per cent. 

Commenting on the data, Domain Group chief economist Dr Andrew Wilson said: "The March market will begin next weekend with significantly fewer auctions, which will provide fertile ground for another strong result as the Sydney buyer battle continues."

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