Auction clearance rates show life left in Sydney market

By Rich Harvey, CEO, propertybuyer.com.au

Sydney's heated housing market may be cooling slightly, but figures from recent property auctions show demand is still high in the region.

While winter usually represents a more subdued auction market, this year may represent an exception to the rule.

Australian Property Monitors Senior Economist Dr Andrew Wilson said more properties were listed and sold at auction over the first five months of 2014 than ever before in Sydney.

"This year's winter market is set to be anything but quiet however following the record-breaking performance of the autumn home auction market," he said.

"Sydney's weekend auction market fell away following the Anzac Day holiday break with clearance rates falling well below the 80 percent benchmark established over spring and early autumn. The market however appears to have gained a second wind bouncing back strongly over the past fortnight recording clearance rates just a tick below 80 percent."

Prestige homes in Sydney were spotlighted, with Mr Wilson stating the lower north produced a "stunning clearance rate" of 94.1 per cent during the last weekend of May. The northern beaches followed with a clearance rate of 84.8 per cent.

Demand for luxury property was also solid in the eastern suburbs, which posted a clearance rate of 81.7 per cent. Meanwhile, the inner west, another region boasting high-value homes, saw a clearance rate of 77.8 per cent.

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