Sydney auctions: home buyers calling shots as clearance rates slide

Auction clearance rates have fallen. Picture: Sunday Telegraph. The lower end of Sydney’s property market has continued to draw hopeful buyers but many auctioneers in the rest of the market were left fighting for sales on the auction floor last week. The latest auction data from realestate.com.au revealed buyers remained on top at auctions as the market downturn continued, with only 43 per cent of auctions last week delivering a sale. It’s a far cry from the circa 60 per cent auction clearance rate reported over much of last year, with sub-50 per cent clearance rates historically correlating with price falls. Out of a total 754 auctions scheduled across NSW for the week, 155 sold prior to auction, 271 were withdrawn and 156 passed in on the day. It comes amid considerable market uncertainty and warnings of price falls, with Commonwealth Bank and NAB forecasting 9 per cent and 7 per cent drops respectively. MORE: Sydney’s spring market standoff as rate fears loom 18 Ralston St, Lane Cove sold for $2.382m to a white-collar couple looking to start a family. Picture: Supplied The Ralston Street property is a two bedroom, one bathroom property. MORE: Govt mistakes cost NSW buyers $120k ...