Hot auction activity in Sydney

Hot auction activity in Sydney

Homeowners looking to capitalise on the nation's low mortgage interest rates have great options open to them if they're based in Sydney.

The New South Wales capital is proving itself hot property when it comes to auction activity, according to a June 9 article from Australian Property Monitors Senior Economist, Andrew Wilson.

Despite Queen's Birthday being commemorated on the Monday following the weekend of June 7-8, there were plenty of auctions in the city.

It appears that even with the ability to head away for the long weekend, Sydneysiders are still focussing their attention on which kind of property deals are available to them, with property owners able to use the equity in their existing home as financial leverage.

With competitive fixed home loan deals and variable-rate loans on offer, it's no wonder that buyers are making their mark in the bustling city.

A whopping 396 homes were up for auction over the weekend, higher than the figure of 245 recorded during the same weekend in 2013.

The city had a clearance rate of 73.7 per cent over June 7 and 8, with some areas performing even better than this.

For instance, the northern beaches area scooped up a 92.9 per cent clearance rate.

It's not just inner Sydney that's showing strength, either. Other parts of greater Sydney have been showing promise in the context of auction activity, with Canterbury Bankstown holding a clearance rate of 81.8 per cent over June 7-8.

"The market will continue to be energised by low interest rates with the Reserve Bank predictably deciding to again leave rates on hold over June," explained Dr Wilson.

"The remarkable performance by the local economy is also a key driver of housing market activity."

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