PHOTO: 15 Cook Street, Rozelle. Photo: McGrath Balmain
More buyers, including investors, are returning to Sydney auctions following a prolonged dip in clearance rates, with properties now receiving what some are describing as “frenzied” inquiries.
Domain economist Trent Wiltshire said the market appeared to be at a turning point with stronger auction clearance rates throughout July.
Sydney’s preliminary clearance rate for the weekend sat at 73 per cent after 340 auctions and 240 reported results.
Mr Wiltshire said the auction clearance rate for July was 72 per cent in Sydney, the highest point in more than two years for auctions.
“We’re also seeing fewer properties being withdrawn before auction, which is a sign of a stronger market,” he said.
It follows news that Sydney’s biggest fall in property prices since the 1980s appears to be coming to an end.
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