Sydney May 18th auction report
Sydney recorded a scorching 78.7 percent auction clearance rate at the weekend which is the best result for three years. The Sydney market continues to rise on the back of low interest rates and the nation’s best performing capital city economy.
Sydney’s weekend auction clearance rates have averaged 75 percent since Easter from a housing market that shows no signs of slowing down.
This weekend’s result is over 20 percent higher than the 57.8 percent recorded over the same weekend last year.
Signs continue of a revival in the prestige market with 8 homes reported sold at the weekend with a price over $2 million – the best result for the year so far.
Canterbury Bankstown produced the best regional result on Saturday with an auction clearance rate of 83 percent at an average sale price of $628,667. Sydney’s upper north shore at 81 percent and the inner west at 80 percent were not far behind with both also recording strong clearance rates at the weekend.
A standout performer in the inner west at the weekend was a 4 bedroom house at 1 Bridge Street Balmain that was sold at auction by Cobden and Hayson for $2,735,000. In the upper north shore Ray White Gladesville sold a 4 bedroom house at 63 Waterview St Putney for $1,465,000.
Demand for apartments close to the city continues to rise with a 3 bedroom unit at 3310/2 Quay Street Haymarket sold at auction on the weekend by Property Square Realty for $1,090,000.
The most expensive property reported sold at auction this weekend in Sydney was a 3 bedroom unit at 33/14-24 College Street Darlinghurst sold by CBRE Residential Projects for$3,300,000.
Other notable auction sales this weekend include a 5 bedroom home at 3 Illilwa Street Cremorne sold by Vernon Partners for $2,060,000 and a 5 bedroom house at 14 Union Street Balmain East sold by LJ Hooker Balmain for $2,020,000.
The most affordable property reported sold at the weekend was a 2 bedroom unit at 37/2 Hythe Street Mount Druitt sold by Ben Price Estate Agents for $230,500.
Sydney’s weekend auction market continues to strengthen with clearly its best autumn performance for three years with just two weekends to the Queen’s Birthday holiday which signals the start of the winter selling season.
Although according to last week’s budget national economic performance is predicted to deteriorate, the Sydney economy continues to be a standout. Latest April ABS unemployment data now had the Sydney rate falling to just 4.9 percent- the lowest rate of all the state capitals and more good news for the local housing market.
Dr Andrew Wilson is Senior Economist for Australian Property Monitors Twitter@DocAndrewWilson
Results at http://www.homepriceguide.com.au/