Weekend auction clearance rates at unprecedented levels as Sydney property market booms
It’s what all of Sydney is talking about: the city’s exploding property market.
Weekend auction clearance rates are at unprecedented levels, helping drive record-level home price growth.
Exclusive data for 9News by My Property Market shows a February clearance rate of 87.2 per cent – higher than last February’s 83.4 per cent despite similar auction numbers to a year ago.
The Northern Beaches was the top-performing region over February with a stunning weekend clearance rate of 93.5 per cent, with the Inner West and Lower North also reporting rates above 90 per cent.
The South West recorded Sydney’s lowest regional clearance rate but with a still strong boom-time result of 82.4 per cent.
Sydney recorded a median price for houses sold at weekend auctions of $1,539,000 which was an impressive 9.5 per cent higher than the median for February 2020.
Some suburbs recorded 100 per cent clearance rates including Kellyville and Earlwood.
“Sydney’s red hot February auction market is set to continue its blazing performance through March with the local market recording an unprecedented 90 per cent clearance rate to celebrate the last weekend of a remarkable February, as buyers continue to clamber to secure available properties,” Chief Economist My Housing Market Dr Andrew Wilson said.
The data comes on the back of the fastest price growth in 17 years with a national increase of 2.1 per cent over the past month.
Sydney’s top 10 suburbs for reported auctions all with 100 per cent clearance rates were Kellyville and Earlwood followed by Strathfield, Bexley, Rozelle, Yagoona, Carlingford, Balmain, West Ryde and Condell Park.
