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NSW: The Sydney property market is showing signs of strength

21D ago 0 Replies 221 Views
Domain senior research analyst Dr Nicola Powell has released the August stats on Sydney, showing the city’s monthly clearance rate reached its highest results since pre-pandemic levels at 59.7 per cent. Despite the figures being 11.2 percentage points lower than in August 2019, they have remained in the high 50s for four consecutive months, showcasing resilience, Dr Powell said.
“The true test of buyer demand has been the rapid rise of homes auctioned,” Dr Powell added.

“The ban on public auctions as part of social distancing measures to slow the spread of COVID-19 resulted in a spike of withdrawn auctions over March and April, bouncing to record-high levels. Removing all of the withdrawn auctions from the scheduled auction count reveals that from March through to August, the total number of homes going to auction has remained relatively the same compared to the same six months last year, down a marginal 2.1 per cent.

“Sydney has an elevated cohort of sellers who are accepting an offer before the auction day. Based on the decade average, roughly one-quarter of homes find a buyer before the auction hammer falls. This trend has risen in recent months, and is now at 26 per cent,” she said.

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