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Sydney’s auction market starts 2017 strong

The Sydney weekend auction season re-commenced on Saturday for 2017 after a five weekend holiday break and produced overall solid results for sellers from a small but reasonable early-season choice of homes. andrew-wilson

Although auction numbers were predictably low for a late January holidays impacted weekend, the 55 homes listed were nonetheless higher than the 47 listings recorded over the same opening weekend last year.

Low auction numbers can result in misleading insights into the underlying nature of the housing market with more robust understandings to be revealed as listings climb sharply over coming weekends.

The Sydney housing market recorded a clearance rate of 65.3 per cent on Saturday which was well ahead of the 43.2 per cent reported over the same weekend last year.

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The lower north, Canterbury Bankstown and the south west all reported 100 per cent clearance rates at the weekend from low listing numbers.

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Next highest was the northern beaches 75 per cent followed by the upper north shore, the inner west and the north west each with 66.7 per cent, the west 55.6 per cent, the south and the city and east each with 50.0 per cent and the central coast with a clearance rate of 42.9 per cent. Sydney harbour

The most expensive property reported sold at auction at the weekend was a 3 bedroom home at 8 Epping Drive Frenchs Forest sold for $1,855,000 by Parnell Partners.

The most affordable property reported sold at the weekend was a 2 bedroom unit at 14/50 Warialda Street Kogarah sold for $570,000 by Ray White Kogarah.

Sydney recorded a median auction price of $907,500 on Saturday which was 5.2 percent higher than the $862,500 recorded over the same weekend last year.

A total of $29.6m was reported sold at auction in Sydney at the weekend.

The 2017 Sydney home auction season has commenced slowly as usual but numbers will be significantly higher next weekend when well over 200 properties go under the hammer. 

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Auction market activity is likely to continue this year where it left off last year with sellers generally having the upper hand in the market – particularly in inner-suburban, higher-priced regions.

Sydney recorded a clearance rate of 69.9 percent over December 2016 which was down from the year’s peak monthly result of 76.0 percent recorded over October.

Clearance rates faded over the final months of the year as a surge in end-of-year listings provided more choice for buyers and more competition for sellers.

But now it’s a whole new year.

For a full list of the Sydney auction results Click here



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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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