Sydney Auction Results and Clearance Rates
Whether you are buying or selling in Sydney you will be interested in the latest Sydney Auction Results.
A clearance rate is used to establish the strength of a property market. It is calculated by dividing the total number of properties sold at auction (or directly before or after) by the number of auctions reported.
A low auction clearance rate usually points to the market being a buyer’s market, while a high clearance rate indicates the opposite – a seller’s market & a strong market. Care is needed in interpreting clearance rates as the rate does not reflect differences in performance in suburbs and areas within the Sydney market.
Below is an interesting analysis of auction clearance rates over 2016 & 2017. 2017 started off strongly, consistently outperforming the same period of 2016. The middle of 2017 has seen a weakening of clearance rates and this has continued on into the second half of the year. The auction clearance rate is now tracking below the same period last year.
We are now in a situation where as buyers agent we are seeing property prices soften and the emergence of some good buying opportunities for astute purchasers.