Sydney home auction market recorded another boom-time result at the weekend reporting consecutive rates above 80 percent for the first time in five months.
This weekend’s 82.1 percent rate followed last weekend’s 80.4 percent and was marginally higher than the 81.6 percent recorded over the same weekend a year ago.
The weekend rate was also the highest recorded since the 83.3 percent recorded on the 29th of March earlier this year.
The Sydney late winter weekend auction market is clearly re-energizing with the four-weekend average clearance rising to 79.7 percent compared to 75.5 percent over the previous four-weekend period.
Although auction clearance rates are clearly on the rise, auction listings have flattened over recent weekends.
This weekend 435 auctions were scheduled in Sydney compared to the previous weekend’s 436 and the 399 listed over the same weekend last year.
Relatively fewer properties being listed may be a factor in the recent higher clearance rate trend as buyers compete for fewer homes in the marketplace
Inner West was strong
Sydney’s inner west recorded another strong 89.3 percent clearance rate at the weekend as the best performer of all the Sydney suburban regions.
This was closely followed by the revived northern beaches with 88.9 percent, Canterbury Bankstown 88.5 percent, the city and east 85.7 percent, the lower north 81.3 percent and the upper north shore 81.3 percent with a clearance rate of 81.1 percent.
Standout sales results in the inner west included a 4 bedroom home at 9 Louisa Road Birchgrove sold for $2,300,000 by Cobden and Hayson, a 3 bedroom home at 62 Oxford Road Strathfield sold for $2,150,000 by Devine Real Estate, a 5 bedroom home at 6 Glenarvon Street Strathfield sold by Georges Ellis and Co for $2,025,000 and a 3 bedroom home at 27 Ainsworth Street Lilyfield sold by Pilcher Residential for $2,000,000.
The most expensive property reported sold at auction at the weekend..
Was a 5 bedroom home at 59 Moruben Road Mosman sold for $5,060,000 by Galetto Real Estate.
The most affordable property reported sold at the weekend…
Was a 2 bedroom unit at 8/12 Palmerston Street Kogarah sold for $415,000 by Raine and Horne – Kogarah.
Strong auction activity in Sydney over winter will translate into prices growth although the level of growth will be below last year’s boom-time results. Incomes growth remains benign which will constrain the capacity of buyers to bid-up prices in the currently highly competitive market environment.
Latest ABS data reported that wages in NSW increased by just 0.3 percent over the June quarter to be up by 2.5 percent over the financial year.
The June result was down on the 0.7 percent result recorded over the March quarter.
The latest Sydney inflation rate reported that prices increased by 2.5 percent over the June quarter – the same result as the NSW increase in wages over the same period.
With flat growth in real wages continuing and the impact of the sharp fall interest rates over the past two years diminishing, Sydney prices growth will continue to moderate – but will remain the clear leader of all the capitals.
See all the auction results at http://www.homepriceguide.com.au/