The Sydney auction market was postponed
The Sydney auction market was postponed. The Sydney auction market is to be held in February. The Sydney auction market made a slow start last season. 11 houses open in the coming weeks are expected to be sold by auction. According to some data, most of the auction houses were not sold.
Last year, the auction rate fell from 57.7 percent to 43.1 percent. The number of houses that entered the auction last year was less than expected.
According to CoreLogic surveys, auction rates vary by city. The strongest market was the suburbs with 53.3 percent. The best departing areas were Parramatta and Hills.
The clearance rate in the Blue Mountains and Penrith area was 22.7 per cent across 101 auctions and in the Campbelltown and Camden area just 27.1 per cent of 77 auctions were successful.
Auctioneer and director of Auction Services Rocky Bartolotto said sellers would only return to the market in force by late February.
“Vendors have seen the market come back, so they have had to adjust their expectations,” he said. “There may be a bit of activity just before Australia Day but most (marketing) campaigns will only be kicking off now for auctions that will take place in a few weeks.”
According to experts, the political uncertainty caused the buyers and sellers to act with a wait and see policy. Realestate.com.au economist Nerida Conisbee said many homeowners would adopt a wait-and-see approach due to uncertainty over how the Labor Party’s proposal to axe negative gearing might affect sales if they win the next federal election.
“There will be a lot (of sellers) who want to wait until they know what direction the market will take,” she said.
HIGHEST CLEARANCE RATES (Oct-Dec)
Eastern suburbs 53.3%
North shore 47.6%
CBD and inner south 47.4%
Inner West 46.6%
Northern beaches 43.6
LOWEST CLEARANCE RATES
Outer west and Blue Mountains 22.7%
Outer southwest 27.1%
The Hills 31.9%
Greater Liverpool 35.5%
Sevdenur Demir / [email protected]