Sydney auction market climbing after weekend of big results
The Sydney auction market was the strongest across the nation this week, continuing its resurgence following the shock election result and other positive changes.
The Sydney auction market is continuing to rise on the back of increased buyer confidence.
In what was another sign the market is heading in a positive direction, Sydney recorded a preliminary clearance rate of 66.1 per cent this week, the highest across the nation, per CoreLogic data.
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There were 674 auctions across Sydney, a number that is down on last week when there was 707.
It is positive news for Sydney homeowners, with the clearance rate considerably higher than the 47.1 per cent recorded on the same weekend last year, although there were 837 auctions.
It was positive news across the board, with the city and inner south region the highest at 75.6 per cent, followed by North Sydney and Hornsby with 73.2 per cent and the inner west at 72.3 per cent.
The weakest region was the south west at 56 per cent and Parramatta at 59.1 per cent.
Sentiment in the Sydney market has been buoyed by the Liberal win in the Federal election, as well as a host of other changes including a proposed cut to the cash rate and a review of lending guidelines.
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Despite the positivity, the Sydney market is still down 0.5 per cent for the month and 2 per cent for the quarter, the newly released CoreLogic home value index results reveal.
The median price for a dwelling in Sydney is $776,135, while national dwelling values are down 0.4 per cent over the month.
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Originally published as Sydney auction market climbing after weekend of big results