Auction clearance rates continue to improve across Sydney with preliminary results for 22 July being 77% based on 360 properties, compared to 51% (345 properties) for the same time last year.
Further good news is that the clearance rate in Sydney two years ago (2017) was 67% based on 475 properties listed for auction.
The table below shows how clearance rates have been steadily improving over the past six months:
| 2019 | Clearance Rates | No. Properties Listed |
| 2 February | 49% | 110 |
| 2 March | 66% | 588 |
| 6 April | 52% | 624 |
| 4 May | 62% | 451 |
| 1 June | 67% | 530 |
| 6 July | 69% | 289 |
| 22 July | 77% | 269 |
*Source: Domain.com.au
Whilst the number of properties listed for auction is still quite low, the higher clearance rates indicate strong demand from buyers and improving consumer confidence.
Spring Selling Season – Opportunities for both buyers and sellers
Traditionally, Spring is one of the major selling periods for real estate. We are already seeing increased buyer demand at our open for inspections following the recent interest rate cuts.
According to Domain’s Property Price Forecasts report released in June, Sydney prices for both houses and units will improve by 2% by the end of 2019 and between 2% and 4% in 2020.
Many vendors are aware of the opportunities presented by increased buyer demand and are electing to take advantage of improved conditions coming into Spring. As a result, we have a number of quality properties coming on to the market in the next month.
If you are interested in finding out now about what we have coming onto the market, please call us 9906 2300.
