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Sydney auction market looks strong after Easter

After taking a break over the Easter weekend, the Sydney auction market showed a strong return over Saturday 2nd April.

Representation from inner-city markets showed particularly strong clearance rates during the first weekend of April, reports Domain.

Nine out of ten homes sold in the eastern suburbs during the auction, which was closely followed by the lower north shore area of Sydney.

In terms of figures, the lower north shore area properties sold high enough to record a clearance rate of 86.7 per cent.

However, one thing that was clear from the results was that there are less buyers interested in properties in the outer suburbs in the west of Sydney, even though these represent lower-priced houses that could be good for investment purposes.

Despite the lack of investor interest in the area, prices have grown slightly, making their position in the market more secure but still more affordable than other areas of the city.

Over the whole weekend, a record $282.5 million (£150.8 million) worth of property was sold at auction in Sydney.

This performance, which has been growing at a steady rate throughout this year, is expected to continue to increase through to the Queen's holiday visit, which is in June.

Historically, the Queen's birthday visit has signalled the start of the winter auction market, which shows a lower level of activity than in the summer.

Overall, Sydney recorded a clearance rate of 73.7 per cent over the first weekend in April, which wasn't far below the pre-Easter weekend rate of 75.8 per cent.

It is however, 13.1 per cent lower than the boom rate of 86.8 per cent during the same post-Easter weekend in 2015.

There were 539 listings for the auction on 2nd April, which was four properties more than were listed the year before, showing that although there were less properties in 2015, more were sold and for higher amounts.

Of the properties, the most expensive was in Mosman, which sold for $5,180,000 and the most affordable was in Carramar, which went for $264,000.

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