The Sydney regions where auction clearance rates have been hammered | Kate Burke
Greater Sydney’s clearance rate dropped to 55.9 per cent last month.More than one in two homes are failing to sell via auction in some pockets of Sydney, as the city’s clearance rates continue to fall amid cooling buyer demand.
“Every single area is dropping. Even in really auction-centric markets like the eastern suburbs, city and inner south and inner west, we are seeing a big drop,” Domain’s chief of research and economics Dr Nicola Powell said. The North Sydney and Hornsby region was the only area with a clearance rate above 60 per cent last month, a benchmark for further house price inflation, Powell said. Anything below that points to price weakness, and fewer sellers were likely to opt to go to auction as the market downturn continued, particularly in non-traditional auction markets.
Auctioneer Stu Benson, of Benson Auctions, said the entry-level market in the north-west was still busy but that buyers were spoilt for choice in more established suburbs like Baulkham Hills and Castle Hill, where strong price growth had encouraged more home owners to hit the market. However, he noted A-grade homes were still selling well.
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