The overall auction clearances rate came in at an impressive 80.5% over the weekend for our Sydney property market. We have been seeing some fierce buyer competition at auctions which are just being blown out of the water due to lack of good stock currently on the market.
Now in school holidays and the long weekend approaching, last weekend was a true test of our market with 747 homes being put up for auction, over 200 more than the previous weekend.
The Northern Beaches, Lower North, Inner West all recorded close to 90% clearance rates which again shows us fierce competition in these areas.
With low interest rates and another potential rate cut tomorrow, we will see even more people enter the market to put their money into property.
If you need independent advice on what a property is truly worth in this market or to be exposed to the off market space, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.
*Source: Dr Andrew Wilson
