Sydney spring surge as home buyers dive in

Home buying in Sydney is increasing, with auction clearance rates rising and a surge in first-home buyer activity. Last weekend, 572 properties were listed for auction, the same number as the previous weekend and almost the same as the 588 listed for auction at the same weekend last year.

Preliminary auction clearance rates for last weekend are higher than the 54.9 per cent achieved both the weekend before and for the same weekend last year.

Of the 392 auctions reported last weekend, 252 were sold, an auction clearance rate of 57 per cent, the highest preliminary rate recorded for nearly a month.

The total value of properties sold was $219.7 million at an average value of $871,825 per property. The median value of houses sold was $889,250 and for units the median value was $605,000. The most expensive property reported sold at auction in Sydney last weekend was a three-bedroom house in Coogee that went for $2,115,000. The most affordable property sold at auction was a two-bedroom unit in Mount Druitt that went for $232,000.

Latest data from the Bureau of Statistics is also pointing to increased buying activity in the Sydney housing market. The number of owner-occupied home loans in NSW rose by 3.9 per cent over September. This is the sixth consecutive monthly rise in the number of home loans.