Another flood of listings on the weekend meant Sydney set a new record for auctions in June with 789 homes auctioned, and 74.3 per cent of those sold.
The hot winter weekend significantly surpassed the previous record set of 670 on set on June 20 2015.
The previous weekend’s clearance rate was 75.9 per cent, and over the same weekend last year it was 80.1 per cent.
It was the third consecutive decline in weekend results with the local market now tracking well below the 79.3 per cent average weekend rate recorded over the autumn selling season.
Sydney recorded an overall auction clearance rate of 71.6 percent in May which was lower than the 73.3 per cent recorded over April but higher than the 69.4 per cent reported over May last year.
Auction listings averaged 858 each weekend over May which was well ahead of the 709 recorded over April and the 637 listed over May last year. The May listings result was also a record for that month.
In Sydney 13,262 homes have been listed for auction over the first five months of this year, an increase of 29.5 per cent compared with the same period last year.
Sydney recorded a median auction price of $1,320,000 over May which was 1.2 per cent higher than the $1,304,000 reported over April and 7.7 per cent higher than May last year.
A total of $487.7 million was reported sold at auction in Sydney at the weekend. About 400 homes will be auctioned in Sydney next Saturday as the market pauses for the Queen’s Birthday long weekend holiday.
Higher-priced, inner suburban areas were again the top performers on Saturday with results remaining well ahead of those reported by the outer suburban regions to the west.
The Blue Mountains reported a 100 per cent clearance rate from the single reported auction at the weekend with the next highest the inner west with 81.6 per cent, followed by the south at 80.8 per cent, and the lower north at 80.4 per cent.
Under the 80 mark were the northern beaches at 78.0 per cent, Canterbury Bankstown at 77.4 per cent, the upper north shore at 76.4 per cent, the city and east at 74.1 per cent, the north-west at 71.0 per cent, the Central Coast at 69.2 per cent, the south-west at 54.5 per cent and the west with a clearance rate of 52.8 per cent.