Sydney boasts best auction clearance rate
July 21, 2014 / Written by Rich Harvey
Worried a cooling off in the Sydney housing market means no action? Don't be. As recent figures from RP Data prove, there's still plenty of activity happening in the Harbour City.
RP Data Auction Spokesperson Robert Larocca reported that there were 1,613 auctions scheduled in Australia during the week ending July 13. The vast majority of these (1,268) were set to take place in capital cities, an increased from 984 during the same time last year.
"Over the past three weeks the national clearance rate has shown a rising trend with a 3.5 point rise recorded," Mr Larocca stated.
"If this trend continues it will result in a return to the 70 per cent clearance rates last recorded in February and early March on the eve of spring."
In Sydney specifically, there were 497 auctions expected. While down from the previous week, this represents a significant rise from 378 during the same week in 2013.
"The rising trend apparent in the market nationally is also the case in Sydney, which has seen a consistent 5-point rise over the past 5 weeks and reflects improving confidence levels," Mr Larocca continued.
Following this report, RP Data stated that Sydney had the highest clearance rate in the nation during the week ending July 13.
The preliminary clearance rate in the New South Wales capital was 76.4 per cent, up from 72.4 per cent the week before.
This kind of activity provides regular home buyers and investors alike with the opportunity to secure valuable Australian property.
However, unless you're a seasoned auction veteran, buying in this manner can be a tricky affair. That's why the expert advice, bidding experience and proven auction strategy of our buyers agents can be so invaluable.
With a buyers advocate representing you at auction, you will save time, money and stress.