Sydney auction market still strong

Clearance rates are up 16% year-on-year in the Sydney residential auction market, according to independent property analysts CPM Research.
More than 1,000 properties changed hands throughout September, resulting in a total sales volume of $857.9m – up $235.5m year-on-year.
Though clearance rates for September were down 2% on August’s figures, this is the fifth consecutive month of clearance being above 70%, far higher than the same period a year ago. The 72% clearance total remained in the high range.
“More sellers and buyers are active in the auction market and buyers are showing more confidence,” said John Wakefield, managing director of CPM Research.
“The market may not be boiling but it is certainly bubbling along and this is likely to continue for the course of the year.”
The median price for a freestanding house sold at auction in Sydney increased to $794,500 in September – a 3% growth over the year to September 2007.
The auction withdrawal rate during September was low at 6% , the same level as the previous month and down 5% year-on-year.

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