Sydney’s auction market – A tale of two cities?
Sydney Auction clearance rates are in the news again. The Sydney weekend home auction market may have passed its biggest test of the year so far. Another ‘Super Saturday” has passed (aren’t most Saturdays ‘super Saturday’s now?) and according to those deeply entrenched in the Real Estate industry like our fiends at Domain, it was all good news.
Thanks to our extremely expensive areas of the inner west, lower and upper north shore and the northern beaches recording clearance rates of over 92% in the lower North Shore to 85% in the inner west, we can ‘boast’ a reasonably healthy Sydney clearance rate of 75.8%…… So the question is how does a North Shore clearance rate of over 92% translate to a Sydney clearance rate of 75.8%?
Well a closer look at greater Sydney will show a clearance rate of approximately 0% in the few auctions in the Blue Mountain, The Central Coast showed only 57.9% while one of Sydney’s strongest growth areas in 2015, The South West was way down at just 45.7%
The past weekend’s Super Saturday of auctions may well prove to be the biggest auction day of the year for 2016.
There were 911 homes listed for auction on Saturday, which was well below the all-time auction record of 1128 set over Easter Super Saturday last year at this time. Sydney Auction clearance rates.
The inner-suburban, higher-priced regions continue to show good results, in sharp contrast to outer suburbs to the west where clearance rates remain considerably lower.
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