The auction clearance rate had a surge over the weekend which means a slight hike in the Sydney market.
Over Winter, people were sitting on their hands and 'waiting for the market to come down even further'. We strongly advised our cilents not to wait as we predicted, the approach to Spring will mean more listings coming on and therefore, more competitive forces coming into the market.
Sydney recorded a published auctions clearance rate of 56.7% on Saturday, which shows that the gap is narrowing compared to last year being 67.7%.
The auction numbers were also significantly higher with nearly 600 listed compared to 499 reported the previous weekend, which again is narrowing the gap compared to last year being 675.
We can see from these results that confidence from both buyers and sellers is set to gradually make its way back into the market.
If you are thinking of purchasing, ACT NOW! Please call our team for a confidential, no obligation chat on 02 9960 1066 today.
Source: Dr Andrew Wilson, Chief Economist at My Housing Market