Sydney auction clearance holds up at 78%

Media Release - 19th June, 2016

Sydney recorded an auction clearance rate of 78% from 649 auctions listed this weekend, according to Raine & Horne Auction Services.

“This demonstrates Sydney is outperforming its rival states on clearance rates, but has lower stock levels compared to Melbourne,” said James Pratt, Director Auction Services, Raine & Horne.

“Sydney continues to run on up to 30% less auction stock in many suburbs than this time last year.

“A number of factors are contributing to Sydney’s low stock levels including the historical reluctance of vendors to list during an election campaign and the traditional winter go-slow.”

Capital City

Number of auctions

Clearance

Sydney

649

78%

Melbourne

988

72%

Brisbane

156

46%

Canberra

64

61%

Adelaide

77

64%

Source: APM

Sydney’s Inner West stars

In the Inner West, the auction clearance rate was a very robust 88%.

“With the number of properties for sale lower than this time last year, the clearance result demonstrates that a winter sale in the Inner West is proving a smart decision for vendors,” said Mr Pratt.

“The combination of low stock levels and experienced auction buyers is producing some significant results too.” 

To illustrate, Gabriela Rodriguez, Principal of Raine & Horne Summer Hill took a gorgeous two-storey semi at 7a Yeo Avenue, Ashfield to auction on Saturday with a reserve of $1.28m. It sold under the hammer for $1.465m.

 “The auction attracted 70 interested parties and 11 registered bidders,” said Mr Pratt, who auctioned the property.

“We had a mix of Inner West locals and few foreign buyers jostling for the prize, with the opening bidder landing the property in the end.

“A determined bidder joined the action at $1.25m and immediately started doubling or tripling the other bidder’s increments.

“While the opening bidder secured the property, it was only after making a final bid of $4,000 that he knocked the other bidders out.

“This demonstrates the bidders that are coming prepared with a game plan and their finances in place will be in a strong position to secure quality properties under the hammer.”

For further media information contact:

James Pratt, Director Auction Services, Raine & Horne on 0427 754 276