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Another surge in the Sydney hou...

Another surge in the Sydney housing market thanks to auctions

Sydney's home auction numbers are increasing yet again this weekend with 549 houses set to go under the hammer to test the resilience of the market that has been successful so far.

There will be 191 more properties brought to market this week than were brought to auction the previous weekend, reports Domain.

Although this marks a huge increase and a confidence that the properties will sell, this number is still short of the 636 houses that were sold on the same weekend a year ago.

On average, auction activity has remained around 27 per cent lower than was recorded in 2015, which translates to around 320 less auctions.

Property experts are saying that this is likely to continue for the time being, but they also expect that the high clearance rates at the recent auctions could be set to bring more sellers into the marketplace.

Once again, Sydney's inner west suburban region will be hosting the highest amount of auctions on Saturday 20th February. This area will be bringing 84 properties to the floor and is closely followed in number by the city and east Sydney, which will be auctioning 82 properties.

On the lower end of the scale, the north west, the south west and the central coast have 25, 14 and 11 properties going up for auction respectively this weekend.

Last weekend's home auction market in Sydney recorded an encouraging result that showed an early-season uplift in the amount of buyer activity in the area.

Sydney's clearance rate came in at 74.3 per cent last weekend, which was an improvement of 1.8 per cent from the weekend before, on Saturday 6th February.

This was the highest rate that the city has seen for its auction clearance rate since September 2015, but it's still below the 83.3 per cent that was recorded over the same February weekend of last year.

Expectations are very high for this weekend and we may yet see an improvement on both auction sales and clearance rates in Sydney across the board.

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