The Sydney home auction market steadied at the weekend, thanks to better results from inner suburban areas.
Sydney reported an auction clearance rate of 62.6 per cent on Saturday, a little above the previous weekend’s 59.2 per cent result.
However, it remains well below the 74.3 per cent recorded during the same weekend in 2014.
Although Saturday’s result was a marginal improvement on the previous weekend, it was nonetheless the second lowest recorded since 2012.
The Sydney spring auction market has faded rapidly, weighed down by interest rate increases.
Although the market usually tracks backwards as the year ends, as a result of typically higher spring auction numbers, this year’s rate of decline has been unprecedented.
Sydney began spring with clearance rates approaching 80 per cent, but over three months, rates have fallen nearly 20 per cent.
Record numbers of spring auctions have been a feature of the Sydney property market, with the past weekend no exception.
A total of 940 homes were listed to go under the hammer, which was the third consecutive Saturday above 900 – a first for a Sydney spring market.
Close to 900 auctions are again scheduled for next weekend, which will continue to put unprecedented pressure on the late-season market.