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Sydney enjoys strong auction se...

Sydney enjoys strong auction season

Sydney's autumn auction season has been the strongest for three years.

As the autumn auction season draws to a close in Sydney, the results show that home buyers have been keen to get a house in the city.

Having seen an overall clearance rate of 75 per cent, this has been the strongest performance of the season for three years.

Over the past few months, clearance rates have been rising steadily with last weekend's auctions seeing 75.5 per cent of houses at auction sold.

Its prestigious property market has been selling well, with the city east and west area seeing a clearance rate of 82 per cent back in April.

As more sales in the area suggest that more people are looking to buy, demand for housing could get tougher.

However, the property stock is set to rise as the Australian Bureau of Statistics reported a 0.7 per cent rise in the number of new dwellings approved to be built in New South Wales.

Posted by Steve Douglas


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