Latest NewsSydney clearance rate soars in post holiday auction resultsMonday, 17 June 2019

 

 

Sydney will most likely return its highest weekly clearance rate in more than a year following a significant rise in last week's results.

Sydney led the post-public holiday rebound for the auction market as its preliminary clearance rate climbed above 70 per cent.

According to CoreLogic, 522 homes were taken to auction across the city last week, up from 313 the previous week.

The rise in volume was matched with a jump in the preliminary clearance rate, which came in at 74.7 per cent, in comparison with 56.2 per cent last week.

The results indicate the final clearance rate will still be the highest the city has seen since April last year, or possibly further before.

Damien Cooley of Cooley auctions said the latest results were a clear sign the bottom of the Sydney market had been reached.

"The Sydney property market has seen a remarkable turn around in buyer sentiment post the election," he said.

"We saw a similar shift in the 2015 federal election.

"This shift is beginning to translate to buyer confidence at auctions and as a result, we are seeing auction clearance rates increase.

"In June 2018 our auction clearance rate was 49 per cent and so far in June 2019, our auction clearance rate is sitting at 64 per cent."

Nationally, 1,487 auctions were held across the combined capital cities this week, returning a preliminary auction clearance rate of 66.4 per cent.

Over the previous week, the final clearance rate dipped to 48.3 per cent across 805 auctions, with the lower volume of auctions attributed to the Queen’s Birthday long weekend across most of the capitals.

It’s likely that as the remaining results are collected, the final result will still hold above 60 per cent for the first time in over a year. Over the same week last year, auction volumes were higher (2,002), however the clearance rate was a weaker 52.4 per cent.

 

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