Bumper prediction • Big Sydney auction results warm the future winter market

While hopes were high for many buyers, auction numbers still remained low over the weekend in Sydney as the weather turned cold and bleak.

There were 471 scheduled auctions compared with this weekend last year, when 598 auctions were held.

The number of auctions was low, but the preliminary clearance rate of 71% was one of the best results for the year.

Domain economist Trent Wiltshire said it was a sign the market was beginning to improve, with the clearance rate at its highest point in more than a year.

Other auctioneers were similarly reporting above-reserve sales. One of these sales was negotiated by Sales Executive, Ettiene West, selling under the hammer for $204,000 over the reserve. 

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Posted in Insight on 4th June, 2020