We've seen auction clearance rates increasing over the past few weeks in Sydney as well as across the state - with the NSW clearance rate sitting at 95% for last week (according to preliminary rates from realestate.com.au). Here at Belle Property Illawarra, we have experienced similar results – achieving a 100% clearance from our most recent auction night.
Strong buyer demand, a shortage of stock, and low-interest rates are contributing to the strong clearance rates. According to results from RP Data, this will be the sixth consecutive week that Sydney clearance rates have been above 80%.
Properties have been well-inspected over the last month, with multiple homes receiving enquiries in the hundreds, over 100 groups inspecting some properties during the auction campaign and multiple properties selling for well above their set reserve prices. A standout was 33 Gallipoli Street, Port Kembla – selling in excess of $200k above the reserve.
For sellers, this is a great market, as high demand plus a lack of supply equals strong results. Right now, auctioning your property is a fantastic way to take advantage of the current conditions – and at Belle Property we are the region's most experienced auction team. No other agency can offer the same level of skill and experience in an auction environment plus a dedicated and professional auction centre.
If you are thinking of selling, call us on 4228 0888 to discuss your property needs.