Sydney’s weekend auction market is finishing winter on a high with the market clearly strengthening over recent weeks.
Sydney home auction market recorded another boom-time result last weekend reporting consecutive rates above 80 percent for the first time in five months. Last weekend’s 82.1 percent rate followed the previous weekend’s 80.4 percent and was marginally higher than the 81.6 percent recorded over the same weekend a year ago. Last 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.
This weekend 435 homes are schedule to go under the hammer in Sydney, similar to last weekend’s 433 and just ahead of last year’s same weekends 412
The south will host the most number of auctions with 65 followed by the inner west with 63, the upper north shore with 60 the city and east with 48, Canterbury Bankstown with 45, the lower north with 43 and the northern beaches with31 auctions scheduled.
The most popular suburbs for auctions this weekend in Sydney are Croydon Park in the inner west, Eastwood on the upper north shore, Engadine in the south, Beecroft also on the upper north shore Roselands in Canterbury Bankstown each with 6 auctions. Next are Leichhardt in the inner west, Turramurra on the upper north shore, Mortdale in the south, Erskineville in the inner west, and Chatswood on the upper north shore each with 5 auctions listed.
Investor activity remains a significant force in the Sydney housing market with the ABS reporting another strong result over June. Loans to the value of $5.11 billion were approved to NSW residential investors over the month which, although slightly down on the $5.18 billion approved over May was nonetheless the second highest value approved on record. Nearly $27 billion in housing loans for investors has been approved in NSW over the first half this year.
First home buyer numbers however remain at low levels with the number of NSW loans approved to this group falling by 7 percent over June. First home buyers account for just 4.2 percent of total NSW housing loan activity which is just above the record low of 4.1 percent recorded over September 2013.
Dr Andrew Wilson is senior economist for the Domain Group Follow @DocAndrewWilson
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