Sydney property market sell off
Despite a classically miserable March day, Sydney recorded its strongest preliminary auction clearance rate of the year to date on Saturday, according to Domain, at above 82 percent.
Even if the final clearance rate is revised down a bit, it's clearly a very high result on higher listings, with some big results in the inner suburbs.
Two of the last four weekends have seen phenomenally high median auction prices, with this weekend's $1,355,000 a little below the record $1,420,000 set four weeks ago but 14 percent higher than a year ago.
On a rolling monthly basis auction prices hit their highest ever level on Saturday.
The Sydney market had clearly lost momentum in the face of macroprudential measures implemented in 2015, but was reinvigorated by two interest rate cuts in May and August 2016.
Melbournites returned from the break with a 78 per cent preliminary clearance rate according to Domain.
