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More than 1,000 properties went under the hammer in Sydney last week, and buyers showed up with deep pockets.
Nearly 800 homes went to auction on Saturday alone, and the clearance rate reached 81.4 per cent, up from about 75 per cent the week before, according to CoreLogic data.
Compared to last year, the market is in a different position; the same week in 2019, the clearance rate was only 54.9 per cent.
Across the auctions, the median sales price for a house was $1.465 million in the Harbour City, and apartments fetched an average of $920,000.
The strongest market was Ryde council area where 90 per cent of auctions found new buyers to hand the keys over to.
Other strong markets included the North Shore, with 88.8 per cent clearance, and Parramatta with 88.5 per cent.
Although confidence has returned to the auction field, buyers in the country’s largest city are still under pressure, Colley Auction’s Michael Garofolo told the Daily Telegraph.
“There were heaps of registrations at auctions this weekend, and it appears the fear of missing out has returned for buyers,” Mr Garofolo said.
“The number of auctions is up, but there is still a shortage of stock in a lot of areas relative to the number of buyers.”
Across the rest of the country, strong results were seen in Melbourne, with a 77.1 per cent clearance rate.
Adelaide, Brisbane and Canberra had clearance rates of 62.7 per cent, 63.2 per cent and 67.7 per cent, respectively.
Perth only had a 37.5 per cent success rate, which was up from 18.2 per cent a year earlier.
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