Which city has the highest clearance rate?
Median auction price for a Sydney house hits record $1.92 million in August!
Sydney's median auction house price has again impressed as it soared 11.8% in just one month in August, resulting a staggering 32.3% growth over the year.
Which city has the highest clearance rate?
In the midst of lockdowns,Sydneyleads all cities with the highestclearance rate of 81.2%
"For some buyers, lockdowns aren’t deterring" said Domain chief of research and economics Nicola Powell.
"Lockdown or not...people still need to buy; they could be in between houses, they could have missed out earlier in the year, and now they're ploughing ahead and making a strong offer".
Supply Problem "Magnified" During Lockdown
For much of the last 20 years, housing construction did not keep up with demand.Developable land is very limitedin Sydney and the fact that the city is surrounded by reserve parks and oceans further aggravates the problem.
Sydney's strong clearance rate comes as no surprise as the strong growth is supported by the fact that there werefewer properties on the market while buyer demand remained high.
