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Sydney auction market ramps up

By Amber O'Brien

The Sydney weekend auction market is back in business this weekend after last weekend’s pause for the Labour Day long weekend holiday.

Although auction numbers were down last weekend compared to previous weekends the distraction of the stunning Fleet Review proved no barrier to a solid number of buyers and sellers.

From 276 listings, Sydney recorded yet another strong 80 per cent plus auction clearance rate of 81.5 per cent which was bang on the average of the past month.

This weekend 713 properties are scheduled to go under the hammer in Sydney which is 300 more or an increase of 73 per cent over the 412 properties auctioned over the same weekend last year.

Sydney’s inner west  is the most popular region for auctions this weekend with 123 scheduled followed by the upper north shore with 91, the city and east  with 83 and the south with 75.

Gladesville will offer the most properties with 10 homes scheduled to go under the hammer. Next most popular are Strathfield and Surry Hills with nine each followed by Leichhardt, Randwick Chatswood and Lane Cove with eight.

For units,  Randwick, Kensington and Hillsdale have five auctions scheduled.

Sydney recorded its highest ever monthly auction clearance rate over September at 78.6 per cent.

The best regional result over the month was recorded by the consistently popular inner west with an exceptional rate of 85.1 per cent with 330 auction sales.

The lower north shore also recorded a strong result of 83.3 per cent with 189 sales with the next best Canterbury Bankstown with a September clearance rate of 82.4 per cent with 112 auction sales.

Sellers are increasingly keen to take advantages of Sydney’s strongest-ever auction market conditions and this trend can be expected to continue through to year’s end.

Source: Domain, http://news.domain.com.au/domain/real-estate-news/sydney-auction-market-ramps-up-20131011-2vcbd.html

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