Sydney’s 2015 weekend auction market commenced in earnest at the weekend with a solid clearance rate from typically modest early –season auction numbers.
The Saturday clearance rate of 70.5 percent was well below the 80 percent recorded over the same opening weekend last year and also below the 76.3 percent recorded over the final Saturday of auction action last year on December 20.
Auction numbers however were up over the corresponding Saturday in 2014 with 97 listings compared to 93.
Although the clearance rate was moderate compared to last year’s strong performances, significantly higher numbers of auctions over coming weekends will reveal more fully the underlying state of Sydney’s housing market.
Nearly 300 homes are scheduled to go under the hammer next weekend with auctions set to continue to rise sharply through to the Easter break in eight weeks’ time.
Outer suburban regions accounted for most of the auction activity on the weekend with the south reporting the most sales at 14 with a clearance rate of 82.5 percent followed by the west with 13 sales at a rate of 56.5 percent and the south west with 9 sales at a clearance rate of 69.2 percent.
Standout auction sales results at the weekend included a 4 bedroom home at 232 Cornwallis Road Cornwallis sold for $1,751,000 by Bennett Property, a 3 bedroom unit at 1/6 Ellalong Road Cremorne sold by Vernon Partners for $1,517,500, a 4 bedroom home at 24 Greenhaven Road Grays Point sold for $1,415,000 by Newton Real Estate, another 4 bedroom home at 25 Lewis Street Epping sold by McGrath Epping for $1,332,000 and a 5 bedroom home at 8 Lemonwood Place Castle Hill sold for $1,238,000 by McGrath Castle Hill.
[sam id=54 codes=’true’] The most expensive property reported sold at auction at the weekend was a 4 bedroom home at 36 Kara Street Lane Cove North sold for $2,000,000 by McGrath Lane Cove.
The most affordable property reported sold at the weekend was a 2 bedroom unit at 6/31 Marine Parade The Entrance sold for $264,000 by First National The Entrance.
For a list of weekend auction results in Sydney click here Sydney auction results Saturday Jan 31.
The Sydney weekend auction market is now up and running with all eyes now turning to the first Reserve Bank interest rate decision for the year.
Rates have been on hold since August 2013, but declining economic activity has the Bank set to cut rates sooner rather than later with the odds narrowing that the easing will start this Tuesday.