The Sydney market has ended summer on a high with the prospect of a sturdy autumn season over coming months.
Although auction numbers remain relatively low compared to last year at the same time, this year’s results so far will act to encourage sellers back into the market before the mid-year slow-down.
Sydney reported a clearance rate of 76.9 per cent at the weekend which was just ahead of the previous weekend’s 76.8 per cent and again the highest result for the year and the highest since last September.
Although Saturday’s rate was well below the 85.5 per cent recorded over the same weekend last year, the Sydney market continues to generally favour sellers.
Again, significantly higher numbers of listings tested the early-season market with 648 homes going under the hammer compared to 558 last weekend.
Although listings were clearly higher at the weekend, they nonetheless remain well below the 830 auctioned over the same weekend last year.
Sellers sitting on the sidelines will be now considering taking advantage of a Sydney market that has clearly revived this year, reflecting the strong underlying fundamentals of the local market.
Inner suburban, higher-priced regions are leading this year’s Sydney home auction market charge with lower-priced outer suburbs weaker by comparison, although most are still producing reasonable results for sellers.
The Blue Mountains recorded a 100 per cent clearance rate on Saturday from two reported auctions.
The northern beaches recorded a boom-time result of 91.2 per cent from 34 listings, followed by the upper north shore 88.6 per cent and the city and east 85.5.
These regions clearly stood out at the weekend with the next best the lower north with 74.1 per cent and the north west better again this weekend at 73.7 per cent.
The south recorded a 73.6 per cent clearance rate, while the inner west followed with 70.1 per cent and Canterbury Bankstown with 66.7 per cent.
The west saw an improved result of 65.4 per cent, while the central coast trailed with 57.1 per cent and the south west ended up with a clearance rate of 56 per cent.
The most expensive property reported sold at auction at the weekend was a four bedroom home at 22 Vernon Street Hunters Hill sold for $6,510,000 by BresicWhitney Hunters Hill.
The most affordable property reported sold at the weekend was a two bedroom home at 1/59 Eastern Road Tumbi Umbi sold for $325,000 by First National The Entrance.
Sydney recorded a median auction price of $1,200,000 on Saturday which was lower than the previous weekend’s $1,240,000.
Saturday’s median was also 13.7 percent higher than the $1,055,000 recorded over the same weekend last year.
A total of $366.6 million was reported sold at auction in Sydney at the weekend.
Low interest rates remain a key catalyst of housing market activity with the Reserve Bank meeting this week to determine the direction of official rates over March.
Rates are likely to remain steady at 2 per cent for the tenth consecutive month; however, the chances also remain of a near-term cut particularly if the jobless rate – now over 6 per cent again – keeps rising.
For a full list of the Sydney auction results click here