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The Sydney auction market has ‘found its feet’ again after showing signs of faltering, according to a leading economist.
Senior economist at Australian Property Monitors (APM), Dr Andrew Wilson, said Sydney’s results were positive heading into the winter months.
“Sydney’s record-breaking autumn auction market finished on a high at the weekend reporting another strong clearance rate of 78.9 per cent," he said.
“This result followed the 79.3 per cent rate recorded the previous weekend and indicates a market that has found its feet again after showing signs of faltering.”
The high clearance rate was achieved despite 907 homes going under the hammer, the second highest this year.
“The 2014 Sydney autumn auction market has smashed all records for this time of the year clearly recording both the highest number of listings and the highest number of sales,” Dr Wilson said.
A record 3,411 homes were auctioned for the month of May this year well ahead of the 1,960 auctioned over May last year.
Melbourne recorded similar clearance rates compared to last week, lifting 0.1 percentage points to 74.4 per cent.
“Melbourne’s auction clearance rates have averaged 74.1 per cent over the past five weekends from nearly 4,456 listings which was the highest number of auctions ever conducted over May in the metro area.”
Will Hampson, chief auctioneer from My Auctioneer, told Real Estate Business that this selling season will be one to remember.
“In the first half of 2014, auctions have been strong with some significant sales at auction across the various suburbs of Sydney," he said. "Particularly encouraging has been the sales in the $2 million-plus bracket at auction this year.”
“I believe we will see a large amount of property come to market early in spring this year, with sellers looking to capitalise on healthy market conditions.
“With a shortage of quality property on the market , strong buyer demand and record low interest rates, understandably the auction is an increasingly preferred method of sale for Sydney homeowners.”
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