Auctions on the rebound: Pete Wargent
Pete WargentDecember 17, 2020
CoreLogic-RP Data reported a rebound in preliminary auction clearance clearance rates, with increases in Sydney (to 72.8%), Melbourne (74.1%), and Brisbane (59.4 %).
The trend in Brisbane improved slightly from 59.1% last week and 48.8% one year ago.
Sydney's preliminary clearance rate of 72.8% from an elevated number of 1,141 auctions remained strong, but the market is clearly now a two-speed affair with the western suburbs, north west and south west all having slowed in recent weeks.
The northern beaches recorded the strongest clearance rate this weekend (88%), with the eastern suburbs (85.5%) and city & inner south (81.9%) all recording strong results.
The eastern suburbs have proven to be particularly strong performers of late.
Most properties with a Bondi tagline continue to sell well, while Bronte, Clovelly, Coogee, Darling Point, Maroubra etc. also remain rock solid...
The real blockbuster sales this weekend, however, were seen on the lower north shore, specifically in Chatswood, with the previous suburb record being swept away...twice.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.
Pete Wargent
Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.