Sellers have flooded the Sydney weekend auction market over February in unprecedented numbers for the month.
Despite record auction listings, strong market conditions have prevailed in Sydney, with clearance rates the highest since last October creating a record number of February auction sales.
Record numbers of February buyers and sellers reflect continued high levels of confidence in the Sydney housing market supported by the end of most covid restrictions and a strong local economy.
The Northern Beaches reported the top weekend auction clearance rate over February at 85.3% followed by the Lower North at 82.3% and the South at 81.3%.
The Lower North recorded the highest median house price for houses sold at auction at $2,887,500 closely followed by the Northern Beaches at $2,856,250.
The top Sydney suburbs for reported weekend auction results over February were Baulkham Hills and Lane Cove each with 100% clearance rates from 14 listings.
Booming house prices through 2021 however have severely impacted affordability with the lending capacity of buyers now significantly constrained.
This will ensure that Sydney price growth will be subdued through 2022 by a companion with 2021 despite continued strong buyer and seller activity.
The Sydney housing market will be supported through 2022 by the imminent return of mass international migration and the increasing likelihood that official interest rates will remain at current levels for the foreseeable future.
ALSO READ: House prices only rose 0.6% in February
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