According to The Australian Financial Review today, Sydney's residential auctions achieved a stronger-than-expected clearance rate over the Anzac Day long weekend, with western Sydney showing some improved sales as investors went bargain hunting.
Despite the traditionally quieter auction activity, Sydney had an improved clearance rate of 71.2 per cent. APM PriceFinder reported 232 home auction sales at the weekend, with a total value of $241.8 million.
Domain senior economist Andrew Wilson said while the result was good, sellers should expect softer results ahead.
"I think the clearance rate is more likely to consolidate below the 70 per cent level, not above," Mr Wilson said. "We just don't have the capacity to push up prices any more."
The surprise at the weekend was western Sydney, where the clearance rate rose to more than 60 per cent, up from 50 per cent the previous week, he said.
"I think some investors have found opportunities in that market."
The owners of the four properties – at 13, 13a, 15 and 15a Coolong Road – joined to sell all four houses in a combined site of more than 4000 square metres.
The name of the buyer was not disclosed but it is likely the homes will be knocked down to create a single "masterpiece".
"This is proof of the future of Sydney property," Ray White chairman Brian White said. "There's a lot of talk that the market is cooling. That's nonsense."
At the weekend Melbourne also had a higher clearance rate, of 74.7 per cent.
Overall the national clearance rate hit 70.5 per cent, up on last week's 66.9 per cent. Across the 759 auctions reported there were $450 million in sales achieved, down from last week, where there were 1174 reported auctions, with $628.3 million in sales.
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