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Spring has well and truly sprung for Sydney property sales, with last weekend’s auction clearance rates above 80 per cent in a majority of the city’s sub-regions.
CoreLogic’s Property Market Indicator Summary for the week ending 20 October 2019 showed that 11 out of the 15 sub-regions in Sydney recorded clearance rates above 80 per cent, leading to an overall preliminary success rate of 84.3 per cent.
It stands in contrast with the results from the same weekend in 2018, when the city returned a clearance rate of just 44.6 per cent.
Leading the charge was Blacktown and the Inner West, with both sub-regions reporting clearance rates of 90.0 per cent, with 14 auctions and 68 auctions, respectively.
North Sydney and Hornsby also performed strongly, with an 88.3 per cent clearance rate from 97 homes that went under the hammer, while the Eastern Suburbs was only just behind with an 87.8 per cent clearance rate made possible by 109 total auctions.
Baulkham Hills and Hawkesbury (83.9 per cent), City and Inner South (84.4 per cent), the Inner South West (83.3 per cent), Northern Beaches (83 per cent), the South West (82.4 per cent), Parramatta (81.8 per cent) and Sutherland (81 per cent) also showcased strong results over the weekend.
The area of Ryde only just missed out on the above-80 per cent party, recording a clearance rate of 78.4 per cent from 45 total auctions, while the Central Coast recorded the lowest clearance rate from a statistically significant sample of 66.7 per cent.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.