The Sydney home auction market produced a very positive result over the course of last weekend, with a clearance rate of 84.2 per cent.
This has been described as being akin to boom-time conditions - and the result is well ahead of the corresponding figure of 78.8 per cent recorded the week before, Domain reports.
Indeed, the figure is almost ten per cent higher than the 74.3 per cent recorded over the same weekend last year - and this surprising performance comes in spite of significant constraints.
A record Saturday for early-February listings and record summer heat were two factors that had been expected to put a dampener on the result.
However, the vast majority of the approximately 540 homes listed for auction in the New South Wales capital on Saturday (February 11th) were sold.
Some 231 homes were auction the weekend before and 358 listed over the same weekend in 2016.
The top performers were found in inner suburban regions, which represents a continuation of the most consistent trend of the past year. The lower north took the top clearance rate with 94.6 per cent, followed by the inner west with 93.3 per cent and the most sales at 56.
Sydney recorded a median auction price of $1.2 million - higher than the $1.1 million for the previous weekend and 15.2 per cent higher than the $1.04 million recorded over the same weekend last year. The total value of all sales stood at $331.9 million
Dr Andrew Wilson, chief economist at Domain, said next weekend will be another big test.
"The only thing hotter than Sydney's record-breaking summer temperatures was the seemingly irresistible local auction market, however, another big test awaits next weekend with nearly 700 homes set to go under the hammer."
