Sydney reaches an 80% clearance rate

Editorial director of Switzer
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As expectations for further rate cuts started to increase last week, the RP Data weighted average auction clearance rate for the seven capital cities minus Hobart, continued to move upwards and was 69.6% on the weekend (see graph 1 below).

Although the total number of auctions across the seven major capital cities decreased over the week – down to 965 from 1029 – Sydney had a stellar weekend, recording clearance rates of 81% according to APM (see table 1 below) and 79.7% on the RP Data measure.

The updated APM data for the previous week (see table 2 below) shows strong clearance rates of 73.8% in Sydney and 64.7% in Melbourne, despite the colder weather, which usually deters property buyers.

Auction clearance results for the same weekend last year highlight how slow the middle of July usually is, with clearance rates well under 60% (see table 3 below). The stronger activity this July augurs well for a good spring season, particularly if rates stay low.

The most expensive property sold in Sydney last weekend was in Randwick (in the Eastern suburbs) and highlights the interesting trend of more costly homes being sold outside of traditional expensive suburbs, such as those on the North Shore. The property in Randwick was a four-bedroom home and went at auction for $2.35 million.

The most expensive home in Melbourne was also a four-bedroom property in Malvern East and went for $1.755 million.

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.

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