Sydney Home Auction Market on the Rise to Spring – Higher Prices to Follow

Sydney’s weekend home auction market concluded winter with clearance rates clearly on the rise as the local market continues to shake off recent coronavirus restrictions and the associated impacts of a weaker economy.

Sydney Weekend

Sydney recorded a weekend auction clearance rate of 68.1% over August which was marginally higher than the 65.0% reported over July but lower than the 78.3% reported over July last year. Sydney+suburbs

Clearance rates increased over the final two weekends of August to over 70%, indicating rising pre-spring buyer momentum.

Weekend auction numbers were similar to those recorded over July but continued at significantly higher levels compared to the same period last year.

This reflects last year’s subdued winter market and the recent surge in online auctions – a hybrid of traditional auction and private treaty marketing.

2037 homes were reported listed over 4 weekends in August compared to 2458 over 5 weekends in July and 1941 auctioned over 5 weekends over August last year.

Sydney recorded a median weekend auction price of $1,190,000 over August which was lower than the $1,197,000 recorded over July and also below the $1,200,000 recorded over August last year.

The value of homes sold at weekend auctions however surged over August, increasing by 5.3% compared to July despite one fewer weekend and higher by 8.8% than August last year that also featured an extra weekend.

Sydney Weekend Auctions Reported Results
Aug-2020 Jul-2020 Aug-2019
Clearance Rate 68.1% 67.3% 78.3%
Auctions 2037 (4 weekends) 2458 (5 weekends) 1941 (5 weekends)
Median Price $1,190,000 $1,197,000 $1,200,000

Top regional performers over August were again the Northern Beaches with a clearance rate of 73.0% and the Central Coast with 72.3%.

Sydney Weekend Auctions Reported Results
Results Clearance Rate Median
Canterbury Bankstown 100 66.2% $985,500
Central Coast 22 72.3% $835,000
City and East 172 69.8% $1,328,000
Inner West 193 67.6% $1,450,000
Lower North 107 68.9% $1,260,000
North West 62 64.4% $1,390,000
Northern Beaches 76 73.0% $1,627,500
South 135 69.0% $1,205,000
South West 75 60.2% $817,000
Upper North Shore 164 69.3% $1,605,000
West 91 68.2% $910,000
Total 1198 68.1% $1,190,000
House 885 68.5% $1,326,500
Unit 314 67.1% $825,000

Surry Hills and Maroubra were Sydney’s leading suburbs for reported weekend auction sales with 13 each over August followed by Mosman, Strathfield, Kellyville, and Drummoyne each with 12.

Sydney Weekend Auctions Reported Results
Sales Passed In Median
Surry Hills 13 3 $1,305,000
Maroubra 13 1 $1,588,000
Mosman 12 2 $3,000,000
Strathfield 12 1 $2,669,000
Kellyville 12 3 $1,295,000
Drummoyne 12 1 $1,097,500
Coogee 11 0 $1,215,000
Epping 11 0 $1,730,000
Ryde 11 2 $1,605,000
Ashfield 10 2 $1,090,500
Marrickville 10 0 $1,230,000
West Ryde 10 0 $1,145,500
Panania 10 1 $991,000

A 4-bedroom house in Hunters Hill reported the highest weekend auction sale over August at $8.65m followed by three houses with prices over $7m in Vaucluse, Burraneer and Manly.

Sydney July 20 Weekend Reported Auction Results
Address Price Agent
7a The Point Rd Hunters Hill $8,650,000 Ward Partners
31 Olola Av Vaucluse $7,250,000 Sydney Sotheby’s International Realty
42 Bulls Rd Burraneer $7,100,000 Honer Dodd Realty
3 Wood St Manly $7,050,000 Clarke & Humel Property
6 Lister Av Little Bay $6,400,000 Ray White Maroubra | South Coogee
46A Woolwich Rd Hunters Hill $6,350,000 BresicWhitney Hunters Hill
22 Llandilo Av Strathfield $6,305,000 Richardson & Wrench Strathfield
12 Harkness Street Woollahra $5,710,000 Sydney Sotheby’s International Realty
19 Wallangra Rd Dover Heights $5,650,000 Sydney Sotheby’s International Realty
26 James St Five Dock $5,100,000 Devine Real Estate Drummoyne

The prospects for the Sydney housing market continue to improve with the clear likelihood of a typically active spring selling season ahead with upward pressure on prices set to emerge.

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Dr. Andrew Wilson

About

Dr Andrew Wilson, of www.MyHousingMarket.com.au is Australia’s leading property economist.


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