All Sydney regions reported clearance rates above 50% for auction results published at the weekend – a positive start for the market in the second week of this year's home auction market.
Five regions performed in excess of 70%: Canterbury Bankstown topped the list, with 8 out of the scheduled 9 auction properties selling, followed by the City/Eastern Suburbs at 79.5%, Upper North Shore at 75.9%, Inner West at 72.7%, and Lower North Shore at 71.4%.
Although these clearance rates remain lower than the same weekend last year, they are well above the record lows recorded in Sydney last December, indicating that signs that the market gloom and negativity widely predicted for the start of this year may have been oversold.
The number of properties listed for sale also remains well below last year at the same time with sellers still somewhat hesitant to test the waters –yet. Now is a great opportunity to buy as low stock, low interest rates (signalled to be cut further) and higher confidence could see competitive forces at work again as the year goes on…
To make sure you're securing the right property at the right price, and to make sure you're seeing everything including the “silent sale” market, please contact our experienced Buyers Agents on 02 9960 1066.
*Information sourced from Dr Andrew Wilson – My Housing Market
