Sydney auction market on fire with North Shore leading the way

Media release - 24th May, 2016

Vendors on Sydney’s Lower North Shore enjoyed the penultimate weekend of the autumn selling market with auction clearance rates of 88.3%, according to data from Raine & Horne Auction Services.

The Northern Beaches was next best with a clearance rate of 87.2%, followed by the Inner West with 80.5%. In Sydney City and the Eastern Suburbs, 80% of properties were sold at auction, with the north west the next best at 75%.

James Pratt at auction“Overall Sydney enjoyed an average clearance rate of 77.6%, the year’s second highest result, and second only to the previous Saturday’s astonishing boom-time result of 80.3%,” said James Pratt, Director of Auction Services, Raine & Horne.

“Low stock levels and low interest rates are driving high clearance rates across Sydney, although  low vacancy rates across regions such as the North Shore, Northern Beaches and the Inner West have provided investors with confidence to start buying at auction.”

David Hill, Co-Principal of Raine & Horne Crows Nest, said his office achieved 100% clearance rates on Saturday.

“All our properties sold above reserve with low stock levels underpinning strong prices,” said Mr Hill.

“With less stock on the market, it’s definitely a good time to consider selling a property in suburbs such as Wollstonecraft, Waverton or Crows Nest.”

Michael Smith, Principal of Raine & Horne Marrickville, said dual factors contribute to the appeal of the Inner West and continue to drive buyer demand.

“The Inner West offers an excellent lifestyle and plenty of infrastructure. Combine this with the current low stock levels, and buyers are competitive at auction.”

“Raine & Horne Marrickville is taking 10 properties to auction on Wednesday night at Rydges Hotel in Camperdown, and we’re expecting 9 out of the 10 to sell on the night, which is a good indication that buyers are expected to perform.”

Outside Sydney and the Central Coast proved to be one of regional NSW’s best performed auction markets with a 69.5% auction clearance rate.

“Auction success on the coast remains highly successful in bringing buyers and sellers together quickly,” said Brett Hunter, General Manager of Raine & Horne Terrigal-Avoca Beach.

“Unfortunately we’re still in an undersupplied marketplace. Buyers are short of choice and so are making quick decisions, especially for properties selling at auction.”

Breakout: Auction clearance rates 21 May, 2015

Region

Clearance rate

Lower North Shore

88.3%

Northern Beaches

87.2%

Inner West

80.5%

City and East

80%

North West

75%

Upper North Shore

74.5%

Canterbury Bankstown

73.7%

Central Coast

69.2%

Southern Sydney

67.4%

West

63.2%

South West

61.5%

-ENDS-

For further media information or to organise an interview with James Pratt, contact:

Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400