Sydney auction market tracks backwards over big weekend for listings| Dr Andrew Wilson

Sydney’s record-breaking early spring home auction market weakened at the weekend reporting its lowest clearance rate for 2 months.

The 79.3 percent result broke a sequence of 9 consecutive weekend rates above 80 percent and may reflect the exceptionally high numbers of properties offered for auction at the weekend.auction3

747 homes were listed to go under the hammer at the weekend which was the highest weekend offering since May.

August and September have produced record auction volumes in Sydney for those particular months with October set to continue the current record breaking spring trend.

Although down on recent results the weekend rate nonetheless remains a strong outcome with the Sydney market clearly remaining in favour of sellers with plenty of competition amongst buyers for available homes.

Sydney’s four-weekend average clearance rate now stands at 82.0 percent compared to 82.8 percent over the previous four-weekend period.

The inner west remains strong

The inner west continues the recent trend of reporting the highest suburban region clearance rate at the weekend also from the highest listings with 89 auction sales from 100 reported results for a clearance rate of 89 percent.

The inner west was again this weekend closely followed by the lower north shore with a clearance rate of 84.0 percent, the upper north shore with 83.3 percent, the north west 79.4 percent, Canterbury Bankstown 78.9 percent and  the city and east with a clearance rate of 77 .0 percent.

Standout auction sales results…

in the inner west at the weekend included a  4  bedroom home at 2 Boronia  Avenue Burwood sold LJ Hooker Burwood for  $2,400,000 by, another 4  bedroom home at 26 Paling  Street Lilyfield sold for  $2,300,000 by Pilcher Residential, a  3  bedroom home at 24 Cadigal  Avenue Pyrmont sold for  $2,000,000 by Feldi Property Agents and a  4  bedroom home at 37 Albert  Parade Ashfield sold by Harris Tripp First National for  $1,981,000.

The most expensive property reported sold at auction at the weekend..auction

Was a 5 bedroom home at 65 Barker Road Strathfield sold for $3,005,000 by Ray White Burwood. The most affordable property reported sold at the weekend was a 3 bedroom home at 70 Stella Street Long Jetty sold for $385,000 by LJ Hooker The Entrance.

Last week’s predictable decision by the Reserve Bank to leave official interest rates at the current low settings for the 14th consecutive month will help bolster confidence and keep the Sydney market bubbling along over the remainder of spring.

Rates are set to remain on hold over the foreseeable future with some downward bias if the economy – particularly the jobless number – deteriorates. Latest ABS data reports the New South Wales unemployment rate increased to 5.8 percent over September – the highest monthly result for the year.

You can see all the auction results here-  http://www.homepriceguide.com.au/



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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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