The overall clearance rates over the weekend came in at 56.2% with just under 450 auctions scheduled. We can see that is significantly lower compared to the same weekend last year, which was 71.5% and 531 auctions scheduled.
However, as we have been saying (also recently in the media), you must be looking at each 'sub-market', meaning the separate price ranges and areas that you are specifically searching in. We have been experiencing some fierce competition in the $3-$5M range on the Lower North Shore and Northern Beaches, appealing to the downsizers trading in their larger homes for low maintenance properties with a lifestyle change.
As we can see, the Lower North and City and East performed very well over the weekend which tells us that these pockets and certain price ranges are still selling! However, a high percentage of sales in these areas were negotiated prior to auction.
For more information on the current market, please contact our team on (+61)2 9960 1066 or enquiries@pkproperty.com.au. Or click here to receive our Sydney Property Market Update,