The resilient Sydney auction market continues to produce robust results for sellers despite higher auctions numbers as the pre-spring selling season gathers pace.
Nearly 600 homes are set to go under the hammer on Saturday which will be similar to the than the 631 auctioned in Sydney last weekend and again well ahead of the 492 auctioned over the same weekend last year.
The upper north shore will again host the most number of auctions in Sydney this weekend with 74 followed by the inner west 73, the south 70, the city and east 63, the lower north 57, the west 55, the south west 51, Canterbury Bankstown 39, the northern beaches 34,the north west 27 and the central coast with 13 auctions listed on Saturday.
Blacktown and Newtown are the top suburbs for auctions this Saturday with 8 each listed followed by Castle Hill, Cremorne and Epping each with 7 and a number of suburbs with 6 auctions listed including Ryde, Chatswood, Randwick, Marrickville and Oatley.
The Sydney home auction market strengthened last weekend recording its highest clearance rate for over 2 months despite a surge in late winter listings.
Sydney reported a clearance rate of 73.7 per cent last Saturday which was well ahead of the 70.2 per cent last weekend but well below than the boom-time 82.8 per cent reported over the same weekend last year.
The Sydney market also produced a consistent performance last weekend with all regions reporting clearance rates above 60 per cent and most above 70 per cent.
Latest ABS data reports that the value of loans approved to residential investors in NSW over June surged by 2.3 per cent to $7.3 billion. This was the second highest monthly total ever recorded by the state and reflects continued strong appetite from investors attracted to rising prices and relatively high yields in a low yield economy.
NSW accounted for 49.3 per cent of all residential investor lending nationally with 58.5 percent of all residential lending in NSW approved to investors – clearly the highest local investor market share of all the states.
Higher interest rates and tighter lending conditions have clearly failed to curb investor activity who may be passing on higher costs to tenants in tight rental markets or securing finance from sources other than the major banks.
article from domain.com.au by Dr. Andrew Wilson