With 939 auctions across Sydney last weekend, the biggest number for spring to date, there was a preliminary clearance rate of 79 per cent, which is expected to level out to around 73 per cent but this still means demand is keeping up with current supply.
Last year, 608 Sydney homes were auctioned and 43 per cent were sold.
Sydney’s highest reported result on Saturday was between seven registered bidders on a five-bedroom, three-bathroom offering on Cherry Street, Warrawee that fetched $5.35 million.
Sydney’s cheapest property was sold for $290,000 at Greenwich for a studio unit within a 1965 apartment complex.
With clearance rates sitting above 70 per cent for the past seven weeks, it’s clear Sydney is set for a continued min boom as a predicted undersupply of homes will help to fuel a spike in house prices.
With developers holding off and starting work on fewer dwelling during the recent price downturn, this has created an undersupply of housing currently, which means we should continue to see housing prices rise.
There is increasing added confidence returning to the Sydney market given in some regions you have a four in five chance of auction success lead by the northern beaches hitting an 80 per cent clearance rate last month.
Clearance rates, as supplied by Domain Data, show the inner west, Canterbury Bankstown and upper north shore with more than 70 per cent clearance rates for properties sold under auction conditions.
SYDNEY MONTHLY AUCTION CLEARANCE RATES
|City and east||61.6%||78.4%||67.9%|
|Lower north shore||67.7%||71.8%||80.0%|
|Upper north shore||58.0%||61.5%||74.5%|
Source Domain Data
While in Melbourne, due to the AFL Grand Final, there were only 103 homes taken to auction with a healthy preliminary clearance rate of 83 per cent.