Sydney auction results

The historic Bellevue Hill estate Rona has sold for an estimated $60 million, while tight credit curbs auction clearance rates around the country. 

There were 2,404 homes taken to auction across the combined capital cities this week, increasing from 1,983 over the previous week.

The combined capital cities saw an increase in the number of homes taken to auction this week with a total of 1,985 auctions held, up from the week prior when 1,916 auctions took place.

Cooley Auctions has just released their Cooley Index for August 2018 for the residential - Sydney Metro, showing auction volumes, clearance rates and average home prices are all down compared to the same time last year.

This week saw auction volumes increase across the combined capital cities, with 1,907 homes taken to market returning a preliminary clearance rate of 59.1 per cent.  

The first weekend of spring saw a total of 1,752 capital city auctions, a decrease on last week’s 1,915 auctions held and lower than over the same week last year when 2,074 homes went to auction.

There were 1,692 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 56.7 per cent, making it the busiest week for auctions since the week ending 24 June 2018.

While it was a slow weekend for auctions across the nation, with one of the lowest clearance rates in ten years, there is still "plenty of heat in the luxury end of the market".

While lending constraints hindered many buyers in Sydney over the weekend, clearance rates don't paint the full picture. 

While preliminary clearance rates and auction volumes dropped slightly over the weekend, the prime markets in both Sydney and Melbourne performed well, as buyers seek 'safe haven' suburbs.