Auction Clearance Rates Hit 24 Year Record

Sydney’s residential property market continues its upward trajectory, with record clearances reported this weekend. As reported in Domain this morning, Sydney’s auction market has had its biggest result in 24 years, as the preliminary clearance rate across Sydney reached 88.7 percent.

Excerpt of Article by Melissa Heagney – Domain 8th. Feb, 2021

The huge result was recorded after 408 auctions were listed and 293 results reported on Saturday. Eighteen properties were withdrawn from auction and were counted as not sold as part of the clearance rate.

Domain senior research analyst Nicola Powell said it was the highest clearance result since June 14, 1997, when the finalised clearance rate was 89 per cent after 226 auctions.

Although the weekend’s preliminary results would be revised down by 5 percentage points, it was still an indication of the strength of Sydney’s market, Dr Powell said.

“We do expect a bounce early in the auction season because there are lower volumes of homes for sale and more home buyers on the market after the holidays,” she said. “That said, it’s a very robust result and highlights the market is in an upswing and it is a very competitive market,” she said.

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