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Sydney auction market shows weekend bounce back

This weekend (Saturday 23rd April) saw the Sydney auction market rebound, even though there was a rise in the amount of listings from previous weekends.

In fact, the clearance rate for the city was 71.2 per cent, which was an improvement over the 67.7 per cent from the Saturday before, reports Domain.

Although this is a week-on-week improvement, the average weekend auction clearance rate is lower than last year's pre-Easter weekend, which came in at 75.1 per cent.

On 23rd April there were 426 homes that were set to come under the hammer, which was an increase on the 360 from the previous auction.

It was, however, far more than the 52 houses that were held on the same weekend last year, which was when ANZAC Day fell in 2015.

The past weekend saw the return of this national holiday, which made the high clearance rate all the more impressive.

In general, regional clearance rates were more consistent this weekend, as areas that hadn't performed that well previously saw an upshot in sales. As a result, outer suburban areas saw a high amount of positive results, meanwhile the inner suburbs posted continually strong sales figures.

Of all the regions, the northern beaches reported the highest clearance rate with 88.5 per cent. It was closely followed by the city and east, which recorded 84.9 per cent and the lower north came in at 75 per cent.

When it came to the lower end of the scale, the south-west posted at 61.5 per cent and the central coast had a clearance rate of 42.9 per cent.

Some of the most notable sales over the weekend included a five-bedroom house in Seaforth, which went for $4.325 million (£2.3 million) and a four-bedroom house that sold in Tamarama for $3.55 million.

However, the most expensive purchase over the weekend was another five-bedroom property in Seaforth, which came under the hammer for $4.45 million. On the other end of the spectrum, the most affordable property was a one-bedroom apartment in Centennial Park, which was snapped up for $372,525.

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