Houses in Sydney deliver 71% clearance rate

Sydney delivers at auction

Despite COVID-19, the Sydney property is strongly forging ahead with auction clearance rates tracking at levels similar to those of 12 months ago, according to RiskWise Property Research.

Houses achieved a 71.1 per cent preliminary clearance rate and, overall, of the total volume of 625 properties, a 69.5 per cent clearance rate.

The volume of auctions was 18 per cent higher than a year earlier according to CoreLogic, and the final auction clearance rate is expected to finish at around 64 per cent, marginally above the decade average.

When you have a larger volume and higher clearance rates, this means that we have a stronger market

RiskWise CEO Doron Peleg said this was another consistent result, and similar to those seen in recent weeks.

"When you have a larger volume and higher clearance rates, this means that we have a stronger market," Mr Peleg said.

"Houses, in particular, are showing strong results while units achieved only 66.3 per cent clearance rate which shows that, as expected, they have less resilience."

This story Sydney delivers at auction first appeared on Port Macquarie News.