Burwood helps inner west reign in Sydney spring auctions

Sydney’s spring auction market notched up a strong 82.7% clearance rate on the first Saturday of the season.

The weekend's initial result was the fifth consecutive rate above 80%.

Sydney’s four weekend initial average clearance sat at 82.5% compared to 78.5% over the previous four-weekend period, according to Australian Property Monitors.

There were 522 auctions scheduled at weekend with 430 results included in the initial clearance rate.

There were 583 on the previous weekend when an 81.9% initial rate was reported, and then revised down to a very strong 79.5%.

The inner west reported the most number of sales at the weekend with 61 and the highest clearance rate of all the suburban regions with an 89.7% result.

The inner west was closely followed by the north west with 87.5%, the lower north 87%, Canterbury Bankstown 84.8%, the west 84.6%, the city and east 82.8%, and the upper north shore with a clearance rate at the weekend of 81.5%, according to APM's senior economist Dr Andrew Wilson.

The first Saturday of the spring autumn market had 21 reported sales at or above $2 million - just down on the prior weekend’s 22 sales result.

The most expensive property was a four bedroom home at 16 Eurella Street, Burwood (pictured above) which was sold for $4,460,000 by Raine and Horne Burwood. It last sold in 1994 for $540,000.

The most affordable property was a three bedroom home at 14 Mikkelsen Avenue, Tregear sold for $370,000 by Laing and Simmons Mount Druitt.