Sydney unit market at near record auction sales strength: APM housing market report
The Sydney housing market continued to strengthen through May with auction clearance rates rising to near-record levels, according to Australian Property Monitors.
The auction clearance rate for units of 74.9% was second only to the 76.3% recorded in May 2002.
Similarly, the auction clearance rate for houses of 65.3% was the fourth highest May recorded over the last 23 years, behind only 2001, 2002 and 2003.
"Sydney is now clearly the best performing local economy, with an unemployment rate of 4.9% in April, the lowest of all the major capitals," APM senior economist Dr Andrew Wilson.
He said other leading indicators of economic activity such as retail sales, also positioned Sydney as a leading economic performer.
The report noted investors and mid-range upgraders were currently highly active in Sydney, with both the first home buyer market and the prestige market remaining relatively subdued.
Sydney’s inner west region and upper north shore remain particularly popular with buyers.
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