Sydney auction market scorches on Valentine’s Day | Dr Andrew Wilson

The Sydney weekend auction market rose to new heights on Valentine’s Day recording its strongest Saturday result of the year so far.andrew-wilson

The sizzling weekend clearance rate of 83.3 percent was ahead of last weekend’s outstanding 82.4 percent result and ahead of the 81 percent recorded over the same weekend last year.

The strong weekend result was despite a significant lift in auction numbers compared to last weekend.

453 homes were lasted to go under the hammer on Saturday well ahead of the previous Saturday’s 303 auctions.

SYDACRFeb14

Sydney’s suburban regional hot spots again produced some remarkable results at the weekend as lower interest rates feed into already unprecedented confidence and enthusiasm from both buyers and sellers.

The north west reported a perfect score at the weekend with a 100 percent clearance rate. Next best was the neighbouring upper north shore with 92 percent, followed by the inner west with 91.4 percent and the highest sales at 53.

The city and east recorded a clearance rate of 89.4 percent with the lower north 86 percent, the northern beaches 85 percent, Canterbury Bankstown 80 percent, the south 78.4 percent, the west 69.4 percent, the south west 67.9 percent and the central coast 50 percent. 

SydAucresultsFeb14

Standout auction sales results at the weekend:

[sam id=54 codes=’true’]  Included a  5  bedroom home at 1 Ganmain  Road Pymble sold by Belle Property Pymble for  $2,600,000, another  5  bedroom home at 9 Hillside  Crescent Epping sold for  $2,530,000 by Belle Property Beecroft, a  5  bedroom home at 29 Darnley  Street Gordon sold for  $2,317,000 by RW Turramurra and a  4  bedroom home at 6 Toocooya  Lane Hunters Hill sold by Ward Partners for  $2,300,000.

The most expensive property reported sold at auction at the weekend was a 4 bedroom home at 23 Brightmore Street Cremorne sold for $2,920,000 by McGrath Neutral Bay.

The most affordable property reported sold at the weekend was a 2 bedroom unit at 7/23 St Ann Street Merrylands sold for $380,000 by Century 21 Southwest Fairfield.

For a list of weekend auction results in Sydney click here: Sydney auction results Saturday February 14

Latest ABS established house price index data released this week confirms Sydney’s top dog status as the leading capital city housing market.

Sydney established house prices increased by 3.4 percent over the December quarter over double the next best performers Melbourne and Brisbane at 1.5 percent each.

No surprise that established house price growth over 2014 in Sydney was also clearly the highest of all capitals at a booming 12.8 percent.



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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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