Berry Blog

Sydney Auction Clearance Rates News

Sydney property sellers and buyers are cautiously optimistic about today’s  auctions after the city recorded its highest clearance rate last weekend since the coronavirus crisis began.

This optimism comes despite worst-case scenario modelling out this week, with the Commonwealth Bank running the numbers on an extended economic downturn with rising unemployment in which house prices were to drop 32 per cent – far beyond its base case forecast of 11 per cent falls. 

Last weekend’s auction clearance rate was revised upwards, after all the stats were in for the weekend, reaching 70.6 per cent – the strongest result for Sydney since March 7 as the city welcomed the returned of on-site auctions.

There are 139 auctions scheduled today in Sydney and most are set to be held on-site.

Domain senior research analyst Nicola Powell said sentiment had improved since on-site auctions and open homes were allowed in NSW.

“The auctions that are happening are more likely to sell,” Dr Powell said. “There are still buyers out there. Sales are being achieved with very positive results.”

Lets see what today brings – as what happens in Sydney flows onto our Berry and surrounding market places.

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