South Sydney suburbs emerge as top performer in property sales
The New South Wales spring auction season is continuing its strong performance, with Sydney residential properties south of the bridge outperforming other markets.
According to the Real Estate Institute of New South Wales (REINSW), 255 properties were sold under the hammer last week (ending September 16), with 181 passing in for a clearance rate of 58 per cent.
"Results over the past few weeks have been strong, in some cases the weekly clearance rates have risen above the year to date average," REINSW chief executive Tim McKibbin explained.
The number of properties up for sale rose from the previous week, with 436 vendors listing a property compared to 392 the week before. Year on year however, the figure was down on the 545 dwellings put up for auction in the same week.
Mr McKibbin said out of the state's $166.54 million in property sales for the week, Sydney suburbs south of the harbour bridge generally performed better than the northern beaches real estate market, "with higher sales volumes yielding clearance rates above the year to date average."
While it is too early to predict a property revival, the New South Wales property market is heading in the right direction, with increased consumer confidence and more buyers emerging for the spring auction season.