There were 576 Sydney auctions held this week as the city remains in lockdown, and a preliminary auction clearance rate of 81% was recorded. The city has shown resilience under lockdown conditions, with over 500-600 homes proceeding to auction each week since this lockdown started and the final clearance rate remaining well over 70% each week. There are 2,139 homes set to go to auction this week across the combined capital cities, an expected rise in activity of 33% over the week.
Auctions this week ending the 15th August
Dwelling sales continue to surge across Australia against low listings levels. In the three months to July there were an estimated 171,100 sales, which is 53.4% higher than what has typically been seen this time of year when compared to the previous five years. In the same period, there were just 121,200 newly advertised properties for sale in the three months to July.
This has taken the ‘sales to new listings ratio’ to recent highs nationally, at 1.4 over the three months to July. Calculated by dividing the number of sales that have taken place over a given period by the number of new listings added to the market over the same time, the sales to new listings ratio for the past decade has averaged 0.9, suggesting for each listing added to market, there was just under one transaction that took place. When the ratio is 1, it implies buyer demand and advertised supply is balanced. A sales to new listings ratio of 1.4 suggests strong selling conditions, as there is more than one transaction taking place for every new unit of supply in the same period. The sales to new listings ratio has averaged above 1 since June 2020.
If you are interested in taking advantage of current market conditions before the start of the Spring selling season, give us a call on 02 4504 8004 to chat about your options!