Property Auctions Recover04 July 2020 by News Desk
Australia property market has seen a recovery in Property Auctions in June.
Auction markets are showing signs of recovery with the clearance rate at the end of June in Sydney at just under 70%.
And while high-end properties have seen a small fall in value, more affordable properties have increased in value.
Total number of auctions were higher compared to same time last year, with an increase of 111 auctions, and a higher clearance rate.
Areas of Sydney that experienced the highest clearance rates in June include Blacktown, Inner South West, Inner West and Parramatta. All saw auction clearance rates of more than 69%.
Australia property market
Higher value markets are being more affected by changes in the environment, and have historically led both downturns and upswings in the real estate market. In the past three Home Value Indexes, this trend has played out, where we’re seeing higher value properties experiencing a faster decline in dwelling values.
In Sydney, high-end (expensive) properties are down by -1.3% over the last three months, while more affordable properties have risen in value by +0.2%.
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