The Sydney market greeted the start of winter with an extraordinary clearance rate, despite Saturday’s inclement weather.
Sydney recorded a clearance rate of 80.1 per cent, well ahead of the 72.4 per cent recorded the previous weekend, but down on the 85.1 per cent reported on the same weekend last year.
Buyer momentum is clearly rising, with three strong results recorded over the past four weekends.
Auction numbers were lower at the weekend with the 548 homes listed to go under the hammer, down from the 599 listed the previous weekend.
Sydney’s suburban regional markets recorded strong or significantly improved results across the board, indicating a general lifting of market activity.
Most regions were above or close to 80 per cent with the north west and the west recording their best results in nearly a year.
The most expensive property reported sold at auction was a five-bedroom home at 20 Llandilo Avenue Strathfield, which sold for $5.7 million by Strathfield Partners.
The most affordable property was a two-bedroom unit at 20/45-47 Bartley Street Canley Vale sold for $348,000 by Laing and Simmons Cabramatta.
Sydney recorded a median auction price of $1,200,000 on Saturday, which was lower than the $1,270,000 recorded last weekend.
Saturday’s median was 28.3 per cent higher than the $935,000 recorded on the same weekend last year.
A total of $319.9 million was reported sold at the weekend.
The Sydney auction market has surged into winter recording another boom-time clearance rate – the third in the past four weekends.
Lower interest rates and rising investor activity are fuelling the market with signs emerging of an across-the-board lift in buyer activity.
Inclement weather and the federal election campaign have proven to be no distraction to buyers or sellers.
This year the Sydney market has been characterised by higher results in inner-suburban, higher-priced regions while outer suburban areas particularly to the west have been clear underperformers.
These weaker regions appear to be on the rise again reflecting improved confidence from buyers and investors keen to secure property before any possible change to taxes.
Lower interest rates are a likely catalyst for a recently revitalised Sydney market and despite the near certainty that rates will remain on hold over June following the Reserve Bank’s meeting, the likelihood for an interest rate cut remains.
This was reinforced with more signs of weakening inflation in the latest ABS GDP data for the March quarter released last week.
The early Sydney winter market is now heading in the opposite direction to last year when the boom market was cooled due to higher mortgages rates imposed on investors due to new financial regulator policies.
Lower rates and possible changes to property taxes are now restoking that fire.
For a full list of the Sydney auction results Click here