Nearly eight in 10 Sydney homes were sold at auction this week, the highest clearance rate in a year, as falling prices bring buyers back into the market.
Nearly eight in 10 Sydney homes up for auction were sold last week, the highest clearance rate in a year, as more vendors were willing to match the price expectations of bargain hunters ahead of further interest rate rises, preliminary data from CoreLogic shows., rising by 3.9 percentage points from last week to 67.7 per cent, and the measure was up by 5.6 percentage points to 70.8 per cent nationwide.
Tim Lawless, CoreLogic research director, said the sharp rebound in Sydney’s preliminary auction clearance rate reflected the stabilising trend recorded on CoreLogic’s daily home index. “Potentially that’s something that will start to show up in the data over the coming weeks or months, but at the moment, it looks like there’s been quite a change in housing sentiment, particularly in Sydney where we know housing values have already fallen by about 14 per cent,” Mr Lawless said.
Since the start of the month, Sydney home values had gained by 0.06 per cent, while Melbourne fell by 0.34 per cent, Brisbane was down by 0.33 per cent and the combined capitals fell by 0.11 per cent. Last month, Sydney values slumped by 1.2 per cent, Melbourne tumbled by 1.1 per cent, Brisbane was down by 1.4 per cent and the combined capitals by 1.1 per cent.
In Sydney, auction volumes rose by 14.8 per cent to 690 and were up by 23.1 per cent nationwide to 1825. In Sydney, a four-bedroom, two-bathroom house at 18 Budyan Road, Grays Point, a small, affluent suburb, 29 kilometres south of the city, was sold for $2.13 million – $230,000 above the reserve.
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