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Sydney had a preliminary clearance rate of 74.7 per cent this week. Picture: David Swift
Sydney’s auction market has surged following a dip across the Queen’s Birthday long weekend, easily topping the nation.
Sydney had a preliminary clearance rate of 74.7 per cent this week, per CoreLogic data, easily beating the Melbourne market at 67.9 per cent.
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There were 522 auctions across Sydney, up from the 313 that were recorded last week.
The clearance rate is up from the 56.2 per cent from last week, a number that is largely put down to long weekend disruptions.
The strongest performing region was Ryde, which saw 94.7 per cent of homes that went under the hammer sell, followed by the inner west at 87.2 per cent and Baulkham Hills and Hawkesbury at 81.8 per cent.
This West Ryde home sold for $1,335,000. Picture: David Swift
The majority of regions achieved above 70 per cent, with only Parramatta, the south west and eastern suburbs falling below that mark.
The market has well and truly seen a boost since this time last year, when there were 708 auctions and a clearance rate of 49.4 per cent.
With Sydney now in recovery mode, realestate.com.au chief economist Nerida Conisbee pointed out that Ryde was the hardest hit region throughout the downturn.
Prices in the region fell by 18.7 per cent from its peak in June 2017, largely due to an oversupply of apartments.
The least hardest hit region was the outer west and Blue Mountains, with prices falling 8.1 per cent from their peak in December 2017.
Sydney’s inner west looks to be the top performing region for the remainder of the year, Ms Conisbee said, with Newtown now the most in-demand suburb in NSW.