The lower number of auction numbers reflect ongoing wariness from sellers while the recent intensification of the political debate around proposed changes to property taxes – particularly
negative gearing by investors – could affect both buyer and seller sentiment concerned about predictions of sharply falling house prices.
While the market ended a five-weekend sequence of rising clearance rates, the overall result clearly remains in favour of sellers at above 70 per cent.
Continued weaker results from Sydney’s outer western suburbs however remain a drag on city-wide clearance rates.
Sydney recorded a rate of 73.3 per cent on Saturday that was lower than the 76.9 per cent recorded the previous weekend and significantly below the 83.3 per cent reported over the same weekend last year.
Saturday’s result broke the sequence of rising clearance rates recorded each weekend in Sydney this year so far.
578 auctions were listed on Saturday which was below the 654 listings of the previous weekend and also below the 681 homes auctioned over the same weekend last year.
2412 auctions have been listed over the past six weekends which is 589 fewer or 24.4 per cent lower than the 3001 recorded over the same period last year.
The Sydney property market continues to report a significant disparity between regional results with inner suburban higher-priced regions recording higher clearance rates than outer suburban areas – particularly to the west of the city.
Lower clearance rates again from the west were clearly a significant factor in the weekend’s overall lower result for the Sydney property market.
The lower north reported the highest regional clearance rate at the weekend with a strong 86.4 per cent result followed by the northern beaches with 83.7 per cent.
The south has a clearance rate of 79.2 per cent, followed by the city and east at 78.1 per cent with the highest sales at 57.
Clearance rates in the upper north shore sat at 73.1 per cent, the inner west at 72.5 per cent, Canterbury Bankstown at 66.7 per cent, the central coast at 54.5 per cent and the south west at 52.4 per cent.
The west lagged behind with a clearance rate of just 52.2 per cent.
The north west recorded the lowest regional result on Saturday at just 50 per cent and tracked backwards sharply following recent improved performances.
The most expensive property reported sold at auction at the weekend was a four-bedroom home at 61a Muston Street, Mosman, sold for $6.45 million by Simeon Manners.
At the other end of the spectrum, the most affordable property reported sold at the weekend was a one-bedroom unit at 29/8 Phillip Street, Redfern, sold for $383,000 by Belle Property Surry Hills.
Sydney recorded a median auction price of $1.18 million on Saturday which was again lower than the previous weekend’s $1.2 million.
Saturday’s median however remained 6.2 per cent higher than the $1,110,750 recorded over the same weekend last year.
A total of $340.4 million was reported sold at auction in Sydney at the weekend.
For a full list of the Sydney auction results click here.