732 auctions held on the same day, Sydney housing market ushered in a real test
Sydney Today, March 3th, Australian Eastern Time, due to the increasing activity of buyers and a large number of houses for auction. The auction on Saturday, March 27st can be said to be a real test of the Sydney property market.
In the real estate market, buyers are active and sellers are full of confidence. These signs indicate that the prospects for the continued recovery of the Sydney housing market in 2012 are promising. Due to the arrival of the autumn auction season, the clearance rate of property auctions on weekends has continued to rise in the past month. Last Saturday’s clearance rate was 58.1%, the highest in six weeks. This year’s average auction clearance rate also exceeded 6%; last year it was only 55%.
Last year’s low auction clearance rate may be a restraining factor for home sellers, so the number of homes for sale at the beginning of this year has decreased significantly compared with the end of last year or the same period last year. However, confidence in the Sydney property market is still on the rise so far, and more and more sellers are entering the auction market, which may also be the result of increased competition among buyers.
As the number of buyers and sellers continues to increase, the Sydney property market this weekend will usher in the biggest test of the year.