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Promising clearance rate in Syd...

Promising clearance rate in Sydney despite winter weather

As the past weekend marked the beginning of winter with spectacularly inclement weather, the Sydney auction market recorded an unexpectedly impressive clearance rate.

In fact the rate of 80.1 per cent noted on Saturday (4th June) was 7.7 per cent ahead of the weekend before - however, this was still lower than the 85.1 per cent that was reported on the same weekend in 2015, according to Domain.

Even though the weather was miserable it didn't stop buyers coming in their droves to the auction market and, in general, it seems that the momentum of people purchasing houses is on the rise.

This is due to the fact that there have been three strong results recorded over the past four weekends, a mark of confident consistency.

As there were only 548 homes listed for the auction - less than the 599 from the week before - it makes the clearance rate even more impressive.

There were strong results recorded across the entirety of Sydney's regional suburban markets, meaning that most either remained at the same level or showed improvement.

Overall, this would indicate that market activity has lifted and looks to remain high for the foreseeable future.

Domain writes: "Most regions were above or close to 80 per cent with the north-west and the west recording their best results in nearly a year."

The highest rate was in the city and the east, which posted at 86.8 per cent and it was just ahead of the north-west, which came in at 86.5 per cent.

Following these were the lower north with 84 per cent, the inner west at 83.8 per cent and the upper north shore and the west each recorded 83.8 per cent.

The most expensive property that was sold over the weekend was a five-bedroom home in Strathfield, which came under the hammer for $5.7 million (£2.9 million).

On the other end of the scale, the most affordable home was a two-bedroom unit, which was bought for $348,000.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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