The solidifying of Sydney’s auction market proves there is still some strength left in the city’s market according to the head of a major real estate franchise.
Figures from CoreLogic RP Data revealed Sydney’s auction market returned a clearance rate of 78.1% over the weekend of 13-14 February
and Angus Raine, executive chairman of Raine & Horne, said results like that are a positive indicator for the Sydney market.
“The weekend auction results are great news for those considering listing a Sydney property, especially with fewer properties going under the hammer than midway through 2015,” Raine said.
“While overall listings in Sydney are down by almost 15% compared to the same time last year, on the demand side, there are plenty of buyers and investors who have decided to return to the market for a second shot at buying an investment or owner-occupied property, after missing out in 2015,” he said.
Auction volumes have been steadily rising in Sydney as the year progresses and Raine predicts that both buyers and sellers will become more active over the next six weeks as they look to make a move before the Easter long-weekend.
Raine & Horne director of auction services James Pratt said the strong results are the result of buyers, both home owners and investors, coming out of their annual Christmas and New Year hibernation.
“Now the holiday season is over and the kids have returned to school, owner occupiers and investors are back looking to secure a suitable Sydney property,” Pratt said.
“The auction clearance rates last weekend also demonstrate that the Sydney property market will continue to buck expectations and that its four-year reign as the heavyweight Australian real estate market is far from over,” he said.
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