Saturday 13th February recorded another encouraging property auction in Sydney, which has resulted in a revival of buyer activity in this area of the country.
According to Domain, the city posted a clearance rate of 74.3 per cent, which marks an improvement of 1.8 per cent from the previous weekend. This is also the best result the market has seen since September last year, reports the property news website.
This is an improvement, but it marks more of a recovery as the clearance rate for the same time last year was 83.3 per cent.
However, the events over the past two weekends have shown that the Sydney market is definitely on the up as 358 homes were auctioned on 13th February, which was 141 more properties than the week before.
Within Sydney, the inner west of the area posted the most property sales during the auction, closely followed by the upper north shore.
Some particularly interesting sales over the weekend included a three-bedroom home in Balgowlah, which sold for $2.57 million (£1.27 million) by Stone Real Estate Seaforth. This was closely followed by a five-bedroom sale in Freshwater, which came under the hammer for $2.51 million.
However, the most expensive property at the auction was a four-bedroom home in Lindfield, which was sold for $3.63 million. Contrastingly, the most affordable property was sold in Liverpool for $395,000, resulting in an overall average auction price of $1.04 million over the weekend.
This average price was $50,100 higher than the previous week, further boosting Sydney's improved property market credentials.
Domain has speculated that the early season results can still be volatile and subject to change, but results still look positive for the improvement of the market.
Yet another auction weekend will follow at the close of this week and this time 500 properties are due to be put under the hammer. Following the positive response to the auctions so far, the clearance rates could be set to improve still further.