Sydney auction rates see record high

by Amy Rosenfeld18 Nov 2013

The Sydney market continues to boom with auction clearance rates reaching 80.6% over the weekend.

Australian Property Monitors reported over $4bn worth of homes sold in Australia’s largest capital, sending the region towards a record-breaking November.

Last week APM reported a “sizzling” preliminary clearance rate of 83.7% - the highest ever on record – meaning 16 of 18 weeks with clearance rates over 80%.

Strong investor activity has helped to boost the market significantly, with $3.9bn of loans made to NSW investors in September, APM senior economist Andrew Wilson told The Australian.

According to the latest ABS home loan data, owner-occupied loans excluding refinancing increased by 5.7% over September, up 10.9% on the same period last year.

First home buyers however recorded a market share of just 4.1% - the lowest on record.

Wilson expects the booming Sydney market growth to ease slightly next year, from this year’s expected price growth of 12% down to 5-7%.