The Sydney Property Market remains solid as we enter spring.
Surprisingly, auction clearance rates have remained at around the 70% mark for Sydney most of the year, and also stayed fairly solid for other key Australian cities although interest rates have climbed steadily over the period.
The below chart shows auction clearance rates for the last 6 weeks - Sydney's clearance rates have stayed at a minimum of 70% over this time. Lets compare the last 6 weeks with same time last year.
Sat 26 Aug 2023 - 74% (52% same time last year)
Sat 19 Aug 2023 - 75% (57% same time last year)
Sat 12 Aug 2023 - 73% (55% same time last year)
Sat 5 Aug 2023 - 73% (55% same time last year)
Sat 29 Jul 2023 - 72% (50% same time last year)
Sat 22 Jul 2023 - 70% (47% same time last year)
With the number of listings increasing in Sydney, it may be a good time to consider selling to pocket some equity.
Check out the following article for some insights on what might be currently happening in the market - https://www.smh.com.au/property/news/we-shouldn-t-wait-any-longer-why-sydneysiders-are-selling-their-homes-now-20230830-p5e0j4.html
