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Sydney auction sales show market is on the rise

Saturday 20th February saw the Sydney home auction market hit a clearance rate of 76.8 per cent, a 2.5 per cent improvement over the previous weekend.

This rising rate is resulting in restored confidence in the auction market for the city, and that the local market is now showing an improved performance over results from last spring, reports Domain.

Once again, the Sydney auction market has proved resilient enough to record the highest clearance rate of homes since September 2015.

So far, every weekend in February has reported a clearance rate of over 70 per cent, which is at least ten per cent higher than the results that were recorded in November and December.

The market still has room to improve however, as the year-on-year clearance rate is 7.8 per cent lower than it was over the same weekend in February 2015.

In terms of units of houses, there were a total of 559 listed for auction over the weekend, while there were 636 posted for the same time last year.

As Sydney has been able to maintain its auction market thus far, it's expected that the city will attract increasing numbers of sellers for housing properties over the new few months.

The inner suburbs of Sydney were the areas that recorded a high amount of sales and boosted the overall results of the auction.

However, it was the city and the east that produced the most impressive result, boasting a clearance rate of 90.4 per cent. They also recorded the highest number of sales, with 66 homes coming under the hammer in Saturday's auction.

Following the performance of the city and the east were northern beaches and the south-west markets, which had respective clearance rates of 85.1 per cent and 81.8 per cent.

The most expensive property that sold on Saturday was a five-bedroom house in Curl Curl, which went for $3.68 million (£1.87 million). The most affordable property at the auction was a three-bedroom home in Charmhaven, which sold for $398,000.

With the auction market in Sydney showing no signs of slowing, it seems that its areas are continually ripening for investment.

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