Sydney’s auctions still going strong despite below 80% clearance rates

The Sydney market has been impressive since last year, breaking several auction records including a 10 weekend streak of auction clearance rate at above 80%. This year, Sydney’s clearance rates have barely reached that mark, but experts are still optimistic that the housing market in Sydney has yet to lose steam.

Despite high median prices, Sydney remains the forerunner in auctions for home buyers and investors. Sydney has been sitting at a 78.1% auction clearance rate recently, due to the huge number of listings. The most expensive property sold was a 4 bedroom house valued at $4.95 million by McGrath Lane Cove.

Overall housing loans have increased by 6% according to the Australian Bureau of Statistics, clear signs that public demand for property is still high.

Read more about this on the Sydney Morning Herald website.