The Sydney home auction market revived on Saturday following the exceptionally low results recorded over the previous season-opening weekend.
Sydney recorded a solid published auction results clearance rate of 67.1 percent which was well above the previous weekends 59.7 per cent but again remained significantly below the 84.2 percent reported over the same weekend last year.
Sydney's published auctions median price of $1,167,000 was also again below the $1,200,000 recorded over the same weekend last year. A larger proportion of inner-suburban, higher-priced homes offered for auction at the weekend was a factor in a higher clearance rate with the inner west and the northern beaches reporting strong results. Sydney's west also was exceptionally strong at the weekend.
Auction numbers remained relatively low at the weekend compared to last year but will continue to climb next weekend. Certainly Sydney sellers will have a sense of relief with the sharply improved results at the weekend.
Source: Dr Andrew Wilson, Property Market Economist
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