Business
What’s fuelling Sydney’s highest auction clearance rate since 1997? – Domain News
The last time Sydney’s auction clearance rate hit 89 per cent was in 1997, at the very beginning of what would become nearly 24 years of rising house prices. The…
Sydneys auction clearance rate hit a 24-year high at the weekend when the preliminary clearance rate reached an astonishing 88.7 per cent. Not since June 14, 1997, when the finalised clearance rate was 89 per cent, has the auction market had such a massive result.
Back then, Sydneys median house price was a comparatively low $261,064, according to Domain data, and interest rates were about 6.5 per cent. Sydneys auction culture was vastly different from todays only 226 auctions took place that day…
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