Auction Clearance Rate in Sydney Hits Two-Year Low

Sydney’s weekend auction clearance rate has hit a two-year low, with fewer than 60 per cent of homes selling on Saturday.

Added to this, more than 100 vendors got cold feet and withdrew their properties from auctions that were scheduled for December 9.

 Saturday’s sales strike rate was well down on the 64.9 per cent clearance rate recorded on the previous weekend and the clearance rate of 65.7 per cent seen on November 25-26. Once late results were collected for the December 2-3 weekend, that weekend’s initial 64.9 per cent clearance rate was revised down to 51.4 per cent. A similar revision process could push this weekend’s results into a below-50 per cent range.

With a 20 per cent spike in spring and summer listings over 2016 listing levels, it’s clear sections of Sydney’s market are being affected by oversupply.

“I have fewer buyers as clients than I normally do at this time of year simply because they are holding off – they are waiting to see what’s going to happen,” buyer’s agent Amanda Segers said.

She said many prospective buyers felt that prices were going to ease back in the first quarter of 2018 and they would then be able to get more for their money.This house at 40 Tennyson Avenue, Turramurra, sold for $4,120,000 on Saturday.