The Sydney weekend auction market passed its biggest-ever Saturday September test recording another exceptional clearance rate at the weekend.
Despite hosting 723 auctions – a new record for a September Saturday – the Sydney property market reported its eighth consecutive weekend clearance rate above 80 percent with an 81.9 percent result.
Sydney has produced the best start to a spring selling season in its history with historically high levels of auction sales for this time of the year.
The weekend’s record early spring auction numbers were well ahead of the previous weekend’s 621 auctions and the 593 listed over the same weekend a year ago.
8 weeks in a row!
This weekend’s auction clearance rate was the eighth consecutive weekend with rates above 80 percent.
Sydney’s four-weekend average clearance rate now stands at 82.9 percent compared to 82.0 percent over the previous four-weekend period.
The inner west reported the highest clearance rate of all the suburban regions at the weekend with a 92.5 percent result from 93 reported auctions.
This was closely followed by the upper north shore with a clearance rate of 89.3 percent, the city and east with 85.1 percent, the northern beaches at 84.1 percent, the south 84.0 percent, the lower north 80.4 percent, the west 78.7 percent and the north west with a clearance rate of 76.2 percent.
Prestige auction sales bounced back…
With 26 sales reported above $2 million – up on the 21 reported the previous weekend.
Standout auction sales results in the inner west at the weekend included a 5 bedroom home at 25 Alt Street Ashfield sold for $2,100,000 by Elders Inner West- Enfield, a 4 bedroom home at 1 Fairholm Street Strathfield sold for $2,050,000 by Devine Real Estate, a 3 bedroom home at 28 Salt Street Concord sold by Raine and Horne Concord for $1,988,000 and a 4 bedroom home at 19 Undine Street Russell Lea sold for $1,865,000 by Laing and Simmons Drummoyne.
The most expensive property reported sold
Was a 3 bedroom unit at 68/14-24 College Street Darlinghurst sold for $5,700,000 by Laing Real Estate.
The most affordable property reported sold at the weekend was a 1 bedroom unit at 5/33 Graham Road Narwee sold for $325,000 by LJ Hooker Riverwood.
Underlying demand for housing in Sydney continues to rise
Underlying demand for housing in Sydney continues to rise offsetting to some degree the strong activity from investors currently providing record levels of new rental supply into the local market. Latest ABS data reports that the NSW population increased by 1.6 percent or 114,500 persons over the 12 months ending March this year.
Of this increase, 76,274 were overseas migrants – 24,494 over the March quarter alone the highest quarterly total since September 2008 – and all of them needing somewhere to live.
The Sydney auction market now heads into October following a record performance over both August and September.
Next weekend activity levels will wind back temporarily due to the Labour Day long weekend holiday with the prospects however following the break of strong market conditions to continue all the way to Xmas.
Results at http://www.homepriceguide.com.au/