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Sydney boasts strong home aucti...

Sydney boasts strong home auction market

Sydney's home auction market has posted its highest clearance rate since the latter end of last year.

This past weekend (February 5th-7th) has seen that the clearance rate of 72.5 per cent marks a 29.2 per cent improvement from the previous week, at the end of January, reports Domain. Although this is a strong mark-up, the rate was ten per cent stronger over the same weekend last year.

What this significant boost in clearance rate means is that the market is looking particularly good for sellers in the Sydney area. Of course, those who know the market will understand that this early season activity can be notoriously unstable, due to low volumes and an uneven mix of property.

Across the first weekend of February however, 215 auctions came under the hammer in Sydney, compared to just 46 properties over the previous weekend.

From the results from Domain, we can see that there were relatively low auction numbers, which translate to buyers competing for a small pool of specific properties. According to the sales information, most of the properties that were auctioned were in inner suburban areas.

Of these areas, the regions recording the highest clearance rates in Sydney were the northern beaches, the lower north, the city and east, and the upper north shore, among a few other areas.

In general, Sydney is posting as a particularly strong area for property sales and with a property market that looks promising as we move further into 2016.

Some particularly affluent sales from the past weekend's auction included a three-bedroom property in Chatswood, which sold for $2.3 million (£1.1 million) and a four-bedroom house in Willoughby, which sold for $1.76 million (£860,230).

Of all of those sold over the weekend, the most expensive was a four-bedroom property in Narrabeen, which went for $2.65 million (£1.3 million) and was sold by Domain Residential.

Although not all of the sales were so pricey, the median auction price was recorded at $991,000 (£484,227), which again was much higher than the median price of the previous weekend.

It's expected that both the auction median price and sales will continue to flourish as the season gathers pace. Around 350 auctions are due to take place over the coming weekend on Saturday 13th February.

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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