It appears that after the first serious weekend of auctions Sydney has picked up where the market left off late last year. Saturday the 8th of February recorded a very strong clearance rate of 84% from a healthy total of 298 properties. In previous years the first auction weekends in early February typically show a reduced number of properties and diminished clearance rates.

Traditionally, many buyers spend the first few weeks of the year on the sidelines sizing up the New Year’s market before becoming actively involved. However, this year, investor and homebuyers appear to have sprung out of the blocks with gusto and are back to pounding pavement en masse in the search for their new home or investment property. Having witnessed open for inspection numbers in the 40’s and 50’s, it’s pretty clear that the market has lost none of the pace of late 2013. With current Sydney stock levels at the lowest they’ve been since 2008 (Source: SQM research), it looks like we’re still in a seller’s market and we expect competition for properties to be fierce throughout the whole Sydney metro region.

 

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