In the previous week, the Sydney home auction market reportedly bounced back with 72.5 percent from 43.3 percent by the end of January. Over the weekend, Sydney again gave another promising result and now many are hopeful that the city's auction market is on its way to revival.
According to Domain, the recorded auction clearance rate over the last weekend was 74.3 percent, not much of a leap from the previous 72.5 percent but it is on a healthy level. In fact, last week's auction clearance rate was the best since September 2015 even if it is 9 percent lower than the recorded rate in 2015 over the same weekend.
What makes people think that the auction market is on its way to revival is that the rate was achieved with 358 homes going under the hammer. Last week's rate was based on the 217 listed homes. It should be noted that the results per region are considered balanced even if the Inner West outdid the North West. The gap between the two regions was 42.7.
The highest sale over the weekend was a three-bedroom home by Stone Real Estate Seaforth at 28 Boyle Street, Balgowlah, that sold for $2,565,000. On the other hand, the lowest recorded sale was $395,000 by Ray White Wetherill Park for a one-bedroom unit at 46/93-95 Campbell Street, Liverpool.
Last week's auction activity resulted in a median price of $1,041,500 which is higher than the previous weekend's $991,000. Moreover, the results are more balanced compared to the previous week.
As previously reported, January was the worst month for Sydney's auction market. At the end of January, Sydney only had 46 properties that went under the hammer. The clearance rate way less than the healthy rate despite low number of properties auctioned. Hopefully, next weekend the auction market for Sydney outdo last year's records.