Sydney bucks softer trend in auction sales

Sydney’s auction market is continuing to show resilience amid soft conditions across the country, coming in above 60 per cent again.

Sydney last week ­returned a preliminary auction clearance rate of 61.3 per cent, increasing significantly from the 50.1 per cent final clearance rate of the previous week.

Sydney’s auction market is continuing to show resilience amid soft conditions across the country, with the NSW capital’s preliminary clearance rate coming in above 60 per cent for the second time this year.

There were 799 auctions held in Sydney last week ­returning a preliminary auction clearance rate of 61.3 per cent, increasing significantly from the 50.1 per cent final clearance rate of the previous week when 801 Sydney homes were taken to auction.

Over the same week last year Sydney recorded a slightly higher clearance rate of 62.4 per cent from 1088 auctions.

Elsewhere in the market conditions are continuing to soften, with Melbourne recording a clearance rate of 54.9 per cent from 1046 auctions last week.

Adelaide was the best performing of the smaller markets, with a preliminary result of 47.9 per cent, 33.3 per cent of Perth’s 15 auctions recorded a successful sale at auction and Brisbane recorded the lowest clearance rate of any capital city market at 32.9 per cent from 94 auctions.

There were 2204 auctions held across the country last week, ­recording a preliminary weighted average clearance rate of 55 per cent, which will likely revise below 50 per cent once final figures are calculated this week.

National auction volumes were marginally higher the previous week, when 2293 were held.

The auction results came as the Housing Industry Association released new survey data suggesting Australians are increasingly concerned about the decline in home ownership rates and feel that in a generation, only the rich will be able to afford to buy a home in an area they want to live.

“Over 92 per cent of renters ­aspire to own their own home but less than half of them think they will achieve this dream,” HIA chief economist Tim Reardon said.

“The great Australian dream of owning a home is still embedded in the psyche of Australians, but of concern is the fact that 75 per cent of Australians feel that it is more difficult to purchase a home now than 10 years ago.”

The independent survey of 1500 people also found that 81 per cent believe “everyday Australians” should be able to own their own home and that housing ­affordability is a top-three concern, after the cost of living and healthcare and ageing.