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Sydney real estate: Reserve Bank's hand in surging clearance rates

Sydney real estate: Reserve Bank's hand in surging clearance rates

Days after the Reserve Bank slashed interest rates to record lows the Sydney auction market recorded its highest clearance rate ever.

The 89.2 per cent result pipped the previous all-time record of 89.1 per cent, set just a week earlier.

Modelling from the Domain Group shows just how much of an impact rate cuts are having on clearance rates, as well as prices growth - something that was felt by agents and auctioneers across the city on Saturday.

One of the best results of the day a three-bedroom house at 18 Court Road, Double Bay, fetched $2.7 million, which was nearly $1 million more than the owners' expectations.

t was the latest raging auction weekend in a market that has been steadily building in intensity since interest rates started falling - from 4.75 per cent to 4.5 per cent - in November 2011.

Read the full article at Domain

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