Sydney auctions rebound

Adam Smith 14 November 2016

house auction hammerSydney’s auction clearance rate has rebounded strongly.

Sydney’s auction market slowed last week when the clearance rate fell to 77%, according to data from Domain. But the market appears to have rebounded, with the city’s clearance rate hitting 84.2% on the weekend, according to the Australian Financial Review.

CoreLogic data shows the number of auctions fell slightly, down to 1,062 from 1,087 the previous week. The volume of properties up for sale was substantially down on the 1,223 auctions held the same weekend last year, the AFR said.

Melbourne recorded a successful auction weekend as well, with a 77.2% clearance rate on 1,313 auctions (five of which were properties from Nine’s The Block). The result was up of the 76.1% clearance rate on 927 auctions the previous weekend. Like Sydney, Melbourne saw the total volume of auctions fall from the same weekend the previous year, when 1,567 properties were brought to auction.

SQM Research managing director Louis Christopher told the AFR clearance rates were unusually high for the spring selling season, as buyers competed for fewer properties.

“That signifies there are far more buyers than sellers in the marketplace. It also signifies that sellers are happy and willing to sell at these current prices,” he said.

Christopher said the market was being driven by owner occupiers.

“Buyers are very attracted to free-standing houses right now. That’s creating an interesting price gap between houses and units,” he told the AFR.

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