Sydney Weekend Clearance Rate Falls Under 60%
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Sydney Weekend Clearance Rate Falls Under 60%

The national figure is also at a two-year low.

By Kanebridge News
Mon, Jun 20, 2022 10:23amGrey Clock 2 min

 Following the Queen’s Birthday long weekend, auction number predictably surged at the weekend, with a total number of listings of 2191 compared to 992, yet, well below the same weekend last year’s 2888 auctions.

The result of a lift in volumes combined with weakening confidence in the market saw the national clearance rate report a 2-year-low of 62.7% at the weekend — well below the 67.3% reported last weekend and significantly lower than the 82.3% recorded over the same weekend last year.

Sydney’s market has fallen below 60% for the first time since the lockdown of April 2020 as a buyer’s market emerges.

The NSW capital recorded a clearance rate of 59.6%, lower than the 61.5% recorded last weekend and again significantly lower than the 80.8% recorded over the same weekend last year.

A total of 751 homes were listed in Sydney at the weekend — up on the 420 listed last weekend but well below last year’s corresponding 1036 auctions.

Sydney recorded a median price of $1,745,000 for houses sold at auction at the weekend which was again higher than the $1,650,000 recorded last weekend and 8.4% higher than the same weekend last year’s $1,610,000.

Melbourne’s auction market is proving more resilient, with a clearance rate of 62.9% holding steady when compared to the previous weekend’s 62.4% yet certainly lower than the 74.4% recorded over the same weekend last year.

A total of 134 homes were reported listed at the weekend – significantly higher than the holiday weekend’s 342 reported but well below the 1566 listed over the same weekend last year.

The Victorian capital also recorded a median price of f $1,010,000 for houses sold at auction at the weekend which was higher than the $900,000 reported last weekend and 3.2% higher than the $979,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.



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