Sydney auctions and clearance rates dominate

The-Sydney-market-is-doing-well_157_77015_0_14100790_300The Sydney property market has once again shown it’s a prime investment location for investors around the country.

The RP Data National Auction Preview for the week ending July 13 predicted that Sydney would see just under 500 auctions during the period. While this number represented a drop from the week before, it was way up on the figure from the same date last year.

The significance of this for the Sydney market was twofold. The high number of auctions indicates that there is a steady supply of buyers in the city hungry to buy up properties, so investors should have no problem getting real estate off their hands for a good return. It also demonstrates the health of the market, which is obviously not slowing down.

In fact, in terms of auctions, Sydney was the second highest market among the capitals in the country, behind Melbourne. No other capital even came close, with Brisbane in third place with 103 expected auctions – nearly 400 less than the Sydney market.

Sydney also topped the capitals when it came to its clearance rate. The Harbour City achieved a staggering 76.4 per cent clearance rate, according to the RP Data National Auction Comment for the week to July 13.

While Perth was close behind it, the next highest, Melbourne at 67 per cent, was significantly below Sydney’s number.

Just as the number of auctions had climbed since last year, so Sydney’s clearance rate was higher than its recorded rate at the same time last year.

Investors may do well to enter the market now and take advantage of this strong buyer activity. Obtaining property in the right area, one that is set to experience imminent growth, could see an investor make a quick and profitable return in this climate.

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