Consecutive sub-70 percent clearance rates for Sydney's weekend auctions

The weekend auction clearance rate in Sydney came to 69.6 percent on Saturday, just above the previous weekend’s public holiday rate of 67.1 percent according to domain's Andrew Wilson.

He said over the first two weeks of winter, Sydney’s auction market has had consecutive sub-70 percent clearance rates.

"It’s the lowest fortnightly result since December 2015, when the market was impacted by increases in mortgage rates," he said.

"Last year’s winter market was reactivated by the May cut to official interest rates and although auction results have clearly declined over recent months, a similar revival may be in prospect this year with significant stamp duty reductions for first-home buyers coming into force on July 1.

"Record level auction numbers may also be impacting the local market, providing buyers with more choice and sellers with more competition.

"A total of 787 homes were listed for auction at the weekend, which was predictably higher than the previous weekend’s holiday total of 406 and also well ahead of the 650 auctions conducted over the same weekend last year.

"June is set to follow May as a monthly record for auctions with next weekend again set to test the fading market with nearly 750 homes set to go under the hammer."