Lower rates fuel raging Sydney auction market | Dr Andrew Wilson

Sydney recorded a stunning auction clearance rate at the weekend as lower interest rates fuel decade-high levels of confidence and enthusiasm in both buyers and sellers.

The weekend clearance rate of 82.5 percent was the highest recorded since October last year at the height of the spring selling season.

Saturday’s result also was well ahead of the 70.5 percent recorded last weekend and similar to the 84.4 percent recorded over the same weekend last year.

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Saturdays’ strong result was derived from significantly higher listings at the weekend and provides a more robust refection of Sydney’s strong underlying market conditions.

297 homes were listed for auction on Saturday – well ahead of the 97 listed the previous weekend and higher than the 295 auctions conducted over the same weekend last year.Auction

Sydney’s super strong upper north shore housing market recorded a 100 percent clearance rate on the weekend to clearly lead the regional results.

Next best was the north west and the northern beaches each with rates of 90.9 percent followed by the lower north with 89.3 percent, the inner west 88.1 percent with the highest number of sales at 37, Canterbury Bankstown 85 percent, the south west 82.6 percent, the city and east 82.4 percent, the west 77.8 percent, and the south 67.7 percent and the central coast with a clearance rate of 50 percent.

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Standout auction sales results at the weekend included….

A  6  bedroom home at 12 Cansdale  Place Castle Hill sold for  $2,300,000 by McGrath Castle Hill, another  6  bedroom home at 31 East  Crescent Hurstville Grove sold by McGrath Estate Agents for  $2,250,000, a  5  bedroom home at 10 Allambie  Avenue East Lindfield sold for  $2,175,000 by Ray White Lower North Shore, a  4  bedroom home at 39 Brays  Road Concord sold by Ray White Concord for  $1,910,000 and a  3  bedroom home at 46 Carlyle  Road East Lindfield sold by Platform Realty for  $1,878,000.

The most expensive property reported sold at auction at the weekend was a 3 bedroom home at 27 Riverside Drive Sans Souci sold for $2,700,000 by Raine and Horne Sans Souci.

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The most affordable property reported sold at the weekend was a 2 bedroom unit at 6/20 Equity Place Canley Vale sold for $307,000 by Century 21 Southwest Fairfield.

For a list of weekend auction results in Sydney click here Sydney auction results February 7.

Significantly higher auction numbers at the weekend have revealed the underlying strength of the Sydney housing market.

The cut in official interest rates announced last week by the Reserve Bank will only act to fuel activity in the Sydney housing market and local economy – both of which remain clearly the strongest performers of all the state capitals.



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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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