Hot Sydney auction market drops again – but prices still up | Dr Andrew Wilson

Here’s Sydney’s October 25th property auction report…

Sydney’s hot spring home auction market fell again at the weekend recording the lowest clearance rate for three months.

The 78.9 percent result – although still strong, was nonetheless the second time in three weekends the clearance rate has fallen below the boom-time benchmark of 80 percent.auction

The Sydney market reported 9 consecutive weekend clearance rates above 80 percent from the start of August to the beginning of October.

The underlying trend of the past month however continues to weaken with the four-weekend average clearance rate now standing at 80.6 percent compared to 82.9 percent over the previous four-weekend period.

Record high auction listings may be a factor however in recently falling clearance rates as supply catches up with buyer demand. 753 homes went under the hammer in Sydney on Saturday which was the highest total recorded since May.

October will break the record for auction listings in Sydney for that month following record monthly performances over September and August.

Sellers are clearly energised by high clearance rates, low interest rates, Australia’s best performing local economy and unsurprisingly still strong prices growth.

Sydney’s inner west regained its usual mantle as the leading region this weekend following last weekend’s unusually low result with a strong 85.4 % clearance rate – and from the highest volume of activity with 88 sales from 103 reported results.why-auction-software-must-have

The south followed close behind with 84.5 percent with next the lower north at 81.8 percent, the north west and the northern beaches each with 81.3 percent, the west 77.8 percent and the south west 76.2 percent.

Standout auction sales results in the inner west at the weekend included a 3 bedroom unit at 1002/2 Mount Street Walk Pyrmont sold for $2,662,000 by Morton and Morton – Pyrmont, a 4 bedroom home at 127 Darling Street Balmain East sold for $2,540,000 by McGrath Balmain, a 3 bedroom home at 6 Clare Street Rozelle also sold by McGrath Balmain for $2,216,000 and a  4  bedroom home at 151 Wentworth  Road Strathfield sold for $2,100,000 by Raine and Horne Burwood.

The most expensive property reported sold at auction at the weekend was a 3 bedroom unit at 71/14-24 College Street Darlinghurst sold for $5,000,000 by Laing Real Estate. The most affordable property reported sold at the weekend was a 1 bedroom unit at 54/20-22 Maroubra Road Maroubra sold for $320,000 by Liberty Property Services.

Sydney the standout property marketsydney-harbour

Latest Domain Group house price data from APM Pricefinder reports that the Sydney housing market clearly remains the nation’s best performer with all other capitals reporting flat or falling house price growth.

Sydney’s median house price by contrast increased strongly by 3.8 percent over the September quarter to a new record $843,994.

Sydney’s median house price is up by 16.6 percent over the past year or a rise of $120,466.

Sydney’s unit prices also increased over the September quarter according to APM Pricefinder, up by 1.6 percent to $580,861 for an increase of 11.5 percent over the year.

The median unit price in Sydney now exceeds the median house prices of Adelaide, Brisbane, Hobart and Canberra and is closing in fast on Melbourne and Perth house prices.

Get all the auction results here: http://www.homepriceguide.com.au/



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Andrew Wilson

About

Dr Andrew Wilson is Australia’s leading housing market expert. As senior economist for Fairfax-owned Domain Group, Dr Wilson is one of the nation’s most respected real estate analysts and Australia’s highest profile housing market commentator. Visit his blog at Domain


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