The Sydney weekend auction market resumes on Saturday following last weekend’s break in activity due to the Easter holiday break. Only 56 auctions were listed last Saturday with a reported clearance rate of 76.6 per cent.
Sydney recorded a boost in the auction clearance rate of 78.8 per cent at the weekend, which was elevated than the previous Saturday’s 76.6 per cent, but again well enough to beat the record of the same weekend last year which was 70 per cent.
Although arising as a good result for sellers, Saturday’s rate was to some extent down on the levels recorded over the past two months, which have established an 80 per cent+ benchmark on most weekends.
The Sydney auction market continues to produce deviating results with inner-suburban, higher-priced regions recording strong results compared to outer suburban areas – particularly to the west of the city where results continue to be subdued.
Lower mortgage rates have been a key catalyst in the rise of the late winter, early spring market, following official rate cuts in May and August.
Auction activity in Sydney will keep on rising through to the Queen’s Birthday holiday break in June, which will signal the beginning of the quieter winter auction market. Although auction listings are well below last year’s results at the same time, inner suburban clearance rates remain hopeful for sellers. However, weaker buyer activity is set to remain in lower-priced outer suburbs to the west, reflecting falling investor activity and recent strong prices growth subduing the market.