The Sydney home auction market bounced back strongly following last weekend’s holiday pause, with no signs yet of the usual winter slowdown in the market.
Sydney recorded a clearance rate of 78.3 per cent, well ahead of the 70.1 per cent recorded over the Queen’s Birthday holiday the previous weekend, but below the 83.2 per cent reported over the same weekend last year.
Saturday’s strong result was recorded despite the challenge of high listings.
About 650 homes were scheduled to go under the hammer on Saturday, the fourth highest weekend offering so far this year.
The auction numbers were also among the highest ever conducted on a June Saturday and just behind the record boom-time listings reported in Sydney over June last year.
Although Sydney recorded an overall strong result at the weekend, the suburban regional results continued this year’s pattern of inner-suburban, higher-priced regions producing the highest clearance rates.
Although still trailing the inner suburbs, Sydney’s outer west and south west regions have consolidated recent improvements and continue to report clearance rates well above the lows recorded earlier in the year.
The most expensive property reported sold at auction at the weekend was a five-bedroom home at 8 Macquarie Road, Pymble, which sold for $3,420,000 by McGrath Pymble.
The most affordable property reported sold at the weekend was a one-bedroom unit at 8/660 Barrenjoey Road, Avalon Beach sold for $400,000 by Andrew Blake Real Estate.
Sydney recorded a median auction price of $1,117,500 on Saturday, higher than the $1,035,000 recorded last weekend.
Saturday’s median was 2.8 per cent lower than the $1,150,000 recorded over the same weekend last year.
A total of $353.2 million was reported sold at auction in Sydney at the weekend.
The Sydney weekend auction market continued its recent surge with clearance rates now consistently above the results recorded earlier in the year.
Clearance rates have exceeded or been close to 80 per cent over four of the last six weekends, which included the typically quieter holiday break last week.
Lower interest rates have improved affordability, while increased activity by investors is also driving increased demand.
Lower listings compared to the same time last year have intensified buyer competition for property – particularly in higher priced regions.
Buyers will again have plenty of choice for property this Saturday.
Another strong June weekend of well over 600 auctions is set to test the market, as sellers bring forward activity to avoid a clash with the following weekend’s federal election.
For a full list of the Sydney auction results Click here