Day: October 25, 2020

Sydney auctions: buyers under pressure as clearance rate hits 80 per cent

Auctioneer Nicholas Lyell at a Lane Cove auction. Picture: David Swift

Homebuyers splashed out big sums for properties under the hammer this weekend as plummeting stock levels ramped up competition for sales.

There were close to 750 properties scheduled for auction this week across Sydney, a mild increase from the 700 held last week, but not enough to sate rising demand.

The clearance rate for auctions, based on 551 reported sales, was 80.4 per cent – indicative of a hot market.

One of the standout results was for an Epping house that sold to the next door neighbour for $1.922

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