Tomorrow morning, Sydney will face its biggest auction day of the year with over 1,000 houses going under the hammer. This year’s real estate selling season has brought on some of the lowest stock levels in the last 20 years, however, the so called ‘drought’ is now said to be lifting.
There are reportedly over 940 auctions scheduled for the city, and more than 1100 scheduled around NSW.
“We’ve consistently seen clearance rates above 80 per cent in Sydney. This time last year they were closer to 60 per cent,” CoreLogic auction commentator, Kevin Brogan revealed, while discussing the auction clearance rates.
However, the president of Real Estate Institute of NSW claimed that the real estate market is currently not showing any signs of slowing down, despite the fact that ‘super Saturday’ has appeared much later than anticipated.
“Traditionally we see a bit of a cool down the closer you get to Christmas and the New Year. Already we’re seeing auctions being scheduled right up to Christmas Day,” he explained.