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6 August, 2013

 

Four in a row for surging Sydney auction market

Sydney has recorded its fourth weekend in a row of auction clearance rates above 80 per cent.

The 81.3 per cent weekend clearance rate comes with the very real prospect of a cut in interest rates by the Reserve Bank on Tuesday, which will only add fuel to rising buyer activity and confidence despite sobering economic forecasts.

The best regional result in Sydney this weekend was recorded by the lower north shore with a clearance rate of 87 per cent. This was followed closely by the south with 86 per cent, the inner west and central coast each at 82 per cent, with the upper north shore at 81 per cent.

Sydney’s weekend auction market reached record highs over July with the clearance rate of 75.9 per cent the highest ever recorded for that month and the second-highest ever – just behind the 78.3 per cent recorded over April 2002.

Several Sydney regions recorded their highest-ever auction clearance rates over July. The best of the regions was the lower north shore with a clearance rate of 84.6 per cent followed by the inner west with 82.4 per cent, the city and east with 79.5 per cent and the upper north shore with an auction clearance rate of 78.9 per cent – all record highs.

The weekend auction market can be expected to continue its record mid-winter surge through August as indicated by the strong start to the month at the weekend.

Dr Andrew Wilson is senior economist for Australian Property Monitors