PHOTO: Sydney’s auction clearance rate is at its highest level in years, but some homes are still failing to sell. Photo: Peter Rae
Sydney’s auction clearance rate is at its highest level in years, but some homes are still failing to sell under the hammer in cases where vendors’ price expectations rise too far or buyers remain cautious.
The city recorded its strongest monthly clearance rate in almost three years last month, but just over a quarter of homes still did not sell at auction – either being withdrawn or passing in.
Of about 2650 Sydney homes scheduled for auction over February, 74 per cent sold under auction conditions – selling prior or under the hammer. About 11 per cent were withdrawn, with the remainder passed in.
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