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Winter sales boom creates housing stock shortage across Sydney as clearance rates soar

By Lachelle Ferguson

WINTER property sales are hotting up with record-breaking clearance rates driving a dramatic 12 per cent average jump in Sydney house prices.

The average Sydney home is now worth $690,000 — 12.6 per cent up on June 2013’s value of $613,000 — thanks to a booming auction market.

Rocky Bartolotto of Property Auction Services said it was the busiest winter he had seen in his 11 years of auctioneering.

“It’s the strongest winter activity I’ve ever seen,” he said. “The number of homes we’ve auctioned this winter is 100 per cent higher than it was last year, which was a good winter.

RP Data analyst Cameron Kusher said: “So far, it’s definitely looking like the strongest winter auction market since at least the GFC.”

Mr Kusher said winter was usually characterised by fewer listings and a drop in the number of buyers looking for a home, but this year was bucking the trend.

Source: news.com.au

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