Sydney’s weekend auction market ended with a sharp fall in clearance rates following the exceptional results recorded over the previous fortnight.
The Sydney market recorded a clearance rate of 72.8 per cent on Saturday a far cry from the remarkable 80.3 per cent rate recorded two weeks ago.
Sydney hosted higher numbers of auctions on the weekend with 599 home listed to go under the hammer compared to 573 the previous weekend.
Auction listings however continue to track well below the levels of last autumn with 858 auctions conducted on the same weekend last year.
Saturday’s results again reflected the underlying disparity between regional results evident so far this year.
Inner-suburban, higher-priced regions continue to produce strong results, while outer-suburban lower-priced regions are notably weaker.
The north-west Hills region however continues with its steady improvement over recent weekends following a period of subdued activity.
The most expensive property sold at auction was a three-bedroom unit at 3/28 Billyard Avenue Elizabeth Bay for $7 million by McGrath Eastern Suburbs.
The most affordable property was a two-bedroom unit at 21/85-89 Cairds Avenue Bankstown sold for $360,000 by Ray White Bankstown.
Sydney recorded a median auction price of $1,270,000 on Saturday, higher than the $1,110,000 recorded last weekend.
Saturday’s median was also 7.6 per cent higher than the $1,180,000 recorded on the same weekend last year.
A total of $335.6 million was reported sold at auction at the weekend.
Despite the recent volatility, the market overall has provided a positive environment for sellers.
Autumn weekend rates have averaged 73.9 per cent, compared to the 65.3 per cent average recorded over the equivalent late spring market last year.
Inner-suburban regions have been the stars of the autumn market, consistently recording boom-time results.
These market segments have been underperformers in recent years with better results reflecting rising perceptions of value opportunities in the prestige market and a shortage of listings creating strong competition among buyers.
Signs have also emerged of a lift in activity in the budget-priced markets, reflecting increased interest from investors and the prospect of lower interest rates.
The winter market will commence in earnest following the Queen’s Birthday holiday break with typically lower auction listings and clearance rates.
Auction activity in higher-priced suburbs usually hibernates through winter awaiting the revival of the stronger spring market.
This year however may see higher levels of activity than usual from prestige markets reflecting the strong momentum in these sectors
All in all, most buyers and sellers can be content with the predictable resilience of the Sydney market over autumn.
For a full list of the Sydney auction results Click here