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Auctions score best clearance rate in two years

The Sydney market is continuing to show signs that it is moving into the start of its next cycle, as evidenced by the latest Auction Clearance Rates.

SYDNEY'S property market shook off its new year sluggishness yesterday, with the auction clearance rate the highest in more than two years.

Clearances surged to 62.8 per cent, up from 51.1 per cent the previous week. Across the city, 172 properties were scheduled to go under the hammer, with 108 selling.

Australian Property Monitors' Louis Christopher said a 60 per cent clearance had not been achieved in two years. "It's a very positive result, a positive open to the year, but let's see what happens in the next two to three weekends," he said.

International model Kristy Hinze was one of the satisfied vendors, selling her North Bondi investment apartment from New York.

Hinze placed a vendor bid of $520,000 over the phone before the two-bedroom Art Deco home in O'Donnell Street sold for $527,500.

- sydney, markat, auction, clearance

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