Sydney outdoes Melbourne in auctions

Sydney-outdid-every-capital-in-auction-numbers_157_74770_0_14094812_300According to RP Data’s National Auction Preview for the week ending June 29, the auction market all across the country is looking strong. Clearance rates are stable, indicating that demand for property has not withered.

However, Sydney is showcasing the strongest results out of the capitals. After seeing 785 auctions the preceding week, the city expected 758 auctions to have taken place in the week to June 29.  While slightly lower than the previous week’s figure, it’s important to note that this is still 27.6 per cent higher than the same time last year, demonstrating the Sydney property market’s growth and ongoing strength.

Perhaps more significantly, Sydney has topped the other capitals, the closest being Melbourne with 728 auctions taking place. This therefore marks the first time this year that Sydney has seen more auctions than Melbourne, something which RP Data Housing Market Specialist Robert Larocca wrote in a June 26 statement  “would have been inconceivable a year ago”.

The high number of auctions indicate a healthy level of market activity taking place in the Harbour City, and demonstrate its continued potential for investors. Other than Melbourne, the other capitals did not come close to reaching the numbers in Sydney, with the next highest being Brisbane with 132 auctions.

This follows the solid and stable clearance rate for auctions recorded across the capitals the preceding week. A clearance rate of 66.6 per cent was recorded, slightly up from both the week before and the previous year. Not only that, but this rate was well above the numbers posted in 2012 and 2011. Sydney itself posted a stellar 71.9 per cent clearance rate in the week to June 22.

This all points to the continuing strength of the property market Australia-wide and in Sydney in particular. Investors who happen to be holding on to a piece of property in the city may well be able to find ready and willing buyers for their investment, while taking advantage of rising house prices to boot.

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