From Dr. Andrew Wilson of APM:
"The Sydney home auction market has unsurprisingly commenced August where it left off in July with yet another strong result. The weekend auction clearance rate of 81.3 percent was remarkably the fourth consecutive weekend result above 80 percent.
Sydney’s weekend auction market reached recorded highs over July with the clearance rate of 75.9 percent is the highest ever recorded for that month and the second highest ever – just behind the 78.3 percent recorded over April 2002.
A number of Sydney regions recorded their highest ever auction clearance rates over July. The best of the regions was the lower north shore with a clearance rate of 84.6 percent followed by the inner west with 82.4 percent, the city and east with 79.5 percent and the upper north shore with an auction clearance rate of 78.9 percent - all record highs.
The best regional result in Sydney this weekend was recorded by the lower north shore with an auction clearance rate of 87 percent. This was followed closely by the south with 86 percent, the inner west and the central coast each at 82 percent with the upper north shore at 81 percent.
Sydney’s weekend auction market can be expected to continue its record level mid-winter surge through August as indicated by the strong start to the month at the weekend. The real prospect of a cut in interest rates by the Reserve Bank this week will only add fuel to rising buyer activity and confidence, despite sobering economic forecasts."
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