Weaker Sydney auction market sliding again

Sydney’s fading late winter auction market is sliding as the market continues to be flooded by unprecedented numbers of homes for sale.

Sydney reported a clearance rate of 76.4 percent two Saturdays ago – down from the 79.7 percent recorded the previous weekend and now well below the 83.4 percent recorded over the same weekend last year.

The market is now tracking in the opposite direction to a year ago when clearance rates were rising sharply above 80 percent. Sydney has now recorded five consecutive weekends with rates below 80 percent with clearly the weakest monthly results this year so far.

Supply is catching up with still relatively strong underlying demand for housing in Sydney reflected in falling clearance rates. Sellers are rushing into the market to take advantage of a market that still remains in their favour – for now.

Are we starting to see a cooling Sydney market?

Read the full Domain article here.