Sydney property still in hot demand
Sydney’s auction market has had its best weekend in more than a year as the spring selling season kicks off.
New CoreLogic figures show Sydney hit its highest auction clearance rate in 15 months on the weekend, the Australian has reported. The clearance rate edged above 85%, rising 5% from the week before, the Australian said. The result is also a marked improvement on the 70.7% rate recorded for the same period last year.
CoreLogic director Kevin Brogan told the Australian that while the city has seen more successful auctions, the volume of auctions is trending lower.
“There’s demand out there, which is a function of the low interest rate environment and more confidence in the market, but there’s a relatively restricted supply. Last year at this time there were over 1000 auctions, and this year it was just a shade under 800,” Brogan said.
SQM Research managing director Louis Christopher told the Australian the traditional spring selling season was beginning later than usual.
“We’re seeing a lot of pressure and few new listings, which is very abnormal. You normally see a seasonal rise. The spring season is coming in later, and that’s creating angst with buyers who want to buy a new home after they’ve sold,” Christopher said.