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Sydney's auction success to con...

Sydney's auction success to continue through spring

This weekend saw another high clearance rate from Sydney's weekend auctions.

Sydney achieved another high clearance rate this weekend and experts predict that this trend will continue through the spring months.

On the last weekend of September, Sydney achieved a clearance rate of 81.4 per cent, according to RP Data, as 766 out of 872 properties sold at auction.

RP Data say that auctions across the country are set to increase this weekend, having dropped off somewhat last weekend.

Melbourne saw far fewer auctions taking place as residents were distracted by the Australian Football League Grand Final, which takes place yearly at the Melbourne Cricket Ground.

Partly as a result of high buyer activity at weekend auctions, Sydney has seen house prices grow considerably.

The newest results from the RP Data Rismark Home Value Index showed that average dwelling prices in Sydney grew 2.5 per cent over September and 5.2 per cent over the three months leading to October.

Posted by Craig Francis

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