Sydney clearance rates dipped into the 30's for the first time since the GFC
For the first time since GFC, Sydney's auction clearance rate has fallen below 40%, according to Domain.
They found Sydney had a revised clearance rate of just 39.4% on 403 reported auctions of the week ending October 20, 2018.
Only $170 million dollars worth of property sold compared to the same period last year when $484 million worth of property sold.
There is still 9.3% unreported.
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The consistent recent deterioration had market watchers anticipate auction clearance rates dipping into the 30s.
SQM's Louis Christopher recently noted three previous times when Sydney auction clearance rates sunk into the 30s.
"That was in October/November 2008 during the GFC, May 2004 after the NSW vendor stamp duty was introduced and July 1989 when the cash rate hit 17 percent."
Melbourne's revised clearance rate was also very low last week at 44.4%.
The most expensive sale at auction in Sydney last weekend was 13 Etham Avenue, Darling Point (pictured above) which sold after auction for $5 million.
The five bedroom three bathroom home set on a 486 sqm parcel was held by the same family for over 60 years.
“We were quoting $5 million, the reserve was $5 million and it sold for $5 million,” selling agent Ben Collier at The Agency said.