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Sydney auction market is still ...

Sydney auction market is still hot

After the slight decline in clearance rate over the holiday a week ago, the past weekend's auction market in Sydney has seen a huge bounceback.

Saturday's (18th June) auction isn't showing any of the normal winter season slowdown, which is a welcome change from previous years, reports Domain.

Sydney recorded a clearance rate of 78.3 per cent, which was a huge jump forward from the 70.1 per cent that was noted over the Queen's Birthday holiday on 11th June.

This is an excellent result that's even more impressive thanks to the fact that there was a very high number of listings to contend with over the weekend.

In total, 650 homes were scheduled to go under the hammer on Saturday, which is the fourth highest amount over for the year so far. Not only this, but it was the highest amount of properties to be brought to Sydney in the month of June, which saw it collate results that were competitive against those from June last year.

Unsurprisingly, the higher-priced regions produced similarly high clearance rates and results trailed in the inner suburbs. Having said that, Sydney's outer west and south-west regions have seen strong continued improvements in performance and their clearance rates are far above the lows that were recorded at the beginning of this year.

The highest regional clearance rate was from northern beaches, which came in at 87.5 per cent, closely followed by the city and east, which both recorded 86.2 per cent.

With regards to the lowest rate from the weekend, it was still a strong result at 60 per cent from Sydney's central coast.

The most expensive property that sold over the weekend was a five-bedroom home in Pymble for $3.42 million (£1.74 million) and the most affordable one was a one-bedroom unit in Avalon Beach, which came under the hammer for $400,000.

All eyes are now eagerly turning to see how this weekend's results fare after such a promising start this winter.

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