Over the past five weeks, the inner west has had an average clearance rate of 82.60 per cent, according to CoreLogic’s latest auction data.
This past weekend had the best clearance rate over the five week period with 87.87 per cent of all stock selling, while the weekend of June 24 had the lowest clearance rate of 76 per cent.
The renewed confidence appears to not only be sending clearance rates north, but also property prices.
REA data shows for the second month in a row growth to the inner west median sale price, with a 1 per cent jump in June. This is an improvement from May’s 0.1 per cent increase. The 1 per cent growth is the best increase in the Sydney region.
Richardson and Wrench chief auctioneer Peter Baldwin said inner west buyers are not only more confident but feel the market isn’t going to drop anymore.
“Buyers are eager to get in now as no one wants to miss out on the bottom,” he said.
“I do believe we’ve hit the bottom of the market, and this has come more than a year ahead of when we expected prices to stop falling.”