Sydney’s extraordinary start to the weekend home auction market this year has continued into autumn with yet another strong clearance rate reported. The 82.7 percent result was the fifth consecutive weekend rate at or above 80 percent – an unprecedented result for this time of the year.
February was a record breaking month for the Sydney auction market with 1490 homes sold at auction over the month with the next best February well below in 2010 at just 1122.
Auction listings also remain strong with this weekend’s offering of 671 properties well ahead of last year’s 455 over the same weekend.
Sydney’s suburban regions produced a number of high clearance rates at the weekend. The best result was reported by the north west with a rate of 89.5 percent closely followed by the inner west with 89.2 percent. Next best was the city and east with 87.2 percent, the lower north 85.1 percent the northern beaches with 84.0 percent and the upper north shore with a weekend auction clearance rate of 82.5 percent.
Notable auction sales reported at the weekend in the inner west included a 4 bedroom home at 6 Phillips Street Cabarita sold by Breakfast Point Realty for $2,500,000, a 6 bedroom house at 116 Wallis Avenue Strathfield sold for $2,100,000 by Elders Inner West- Enfield, a 3 bedroom home at 14 Collingwood Avenue Cabarita sold for $1,685,000 by Ray White Concord and a 4 bedroom house at 34 Rochester Street Homebush sold by Strathfield Partners for $1,670,000.
In the city and east a 4 bedroom house at 178 Old South Head Road Vaucluse sold for $2,605,000 by Ray White Woollahra, a 5 bedroom home at 6 Bowral Street Kensington sold for $ 2,575,000 by LJ Hooker Marrickville and a 4 bedroom house at 200 Doncaster Avenue Kensington sold by Ray White Kingsford for $2,200,000.
On Sydney’s lower north shore a 4 bedroom home at 23 Highland Ridge Road Middle Cove sold by LJ Hooker Castlecrag for $2,450,000, another 4 bedroom house at 48 Smith Road Artarmon sold for $2,025,000 by LJ Hooker Willoughby, a 5 bedroom house at 126 Ryde Road Gladesville sold for $1,920,000 by John Ward Prestige Realty and a 3 bedroom home at. 12 Second Avenue Lane Cove sold by McGrath for $1,481,000
Notable unit sales at the weekend included a 3 bedroom unit at 80/1 Kiara Close North Sydney sold for $2,310,000 by McGrath Neutral Bay, a 3 bedroom unit at 2/362 Clovelly Road Clovelly sold for $1,670,000 by McGrath, a 2 bedroom unit at 4/2 Eastbourne Avenue Clovelly sold by Belle Property Bondi for $1,301,000 and a 3 bedroom unit at 1/183 Sailors Bay Road Northbridge sold for $1,220,000 Richardson and Wrench Northbridge.
The most expensive property reported sold at auction at the weekend was a 5 bedroom house at 27 Denning Street South Coogee sold for $4,301,000 by McGrath. The most affordable property reported sold at the weekend was a 2 bedroom unit at 13/7 Heath Street Bankstown sold for $377,500 by Ray White Bankstown.
This week the Reserve Bank meets for the second time this year to determine the official interest rate settings for the coming month. Interest rates have been on hold since the cut last August to the historically low level of 2.5 percent. Although rates are likely to again remain on hold recent economic messages remain mixed.
The national seasonally-adjusted unemployment rate increased to 6 percent over January - the highest monthly rate since July 2003 - over ten years ago. This was however offset by recent increases in dwelling construction and retail sales together with a rising sharemarket and a positive export performance.
Although official rates will likely remain on hold, mortgage interest rates are falling as competition amongst banks for market share intensifies in a generally positive environment for home buyer activity in most housing markets – particularly Sydney.
February’s record breaking Sydney weekend auction market has unsurprisingly continued into March with no sign of a let up in buyer or seller enthusiasm.
Dr Andrew Wilson is Senior Economist for Australian Property Monitors Twitter@DocAndrewWilson
The Property Hour expert 2UE Saturdays 2-3pm
Results at http://www.homepriceguide.com.au/