Sydney’s weekend auction market continues to track backwards with falling clearance rates recorded over the past three weekends. This weekend’s 73.5 percent result was the lowest recorded for 4 months and the third consecutive result below 80 percent for the first time this spring.
Sydney commenced the spring selling season this year with 9 consecutive clearance rates above 80 percent. The market has clearly lost that early energy with 5 out of the last 7 weekends below the 80 percent benchmark.
High auction numbers will continue to test the weakening market with record listing numbers expected through to the Xmas break. Next weekend is set to challenge the all-time Saturday record for auctions with over 1000 auctions scheduled.
The current four-weekend average clearance rate has fallen to 76.4 percent which is now well down on the 80.6 percent average recorded over the previous four-weekend period.
Sydney’s northern beached reported the highest clearance rate at the weekend at 82.6 percent. Next best region was the city and east with 82.4 percent followed by the north west 79.3 percent, the lower north 76.9 percent, the upper north shore 76.1 percent and the inner west with a relatively low 74.5 percent from the most number of sales at 79.
Standout auction sales results on the northern beaches at the weekend included a 5 bedroom home at 15 Jellicoe Street Balgowlah Heights sold for $2,600,000 by Clarke and Humel Property, a 6 bedroom home at 18 Heath Street Mona Vale sold for $2,351,000 by Sotheby's Realty, a 4 bedroom home at 117b Seaforth Crescent Seaforth sold for $2,260,000 by McGrath Dee Why and another 4 bedroom home at 52 Augusta Road Fairlight sold for $1,885,000 by Clarke and Humel Property.
The most expensive property reported sold at auction at the weekend was a 5 bedroom home at 14 Wolaroi Crescent Tamarama sold for $5,500,000 by Sotheby's. The most affordable property reported sold at the weekend was a 3 bedroom home at 83 Barker Avenue San Remo sold for $330,000 by Raine and Horne Charmhaven.
The Sydney local economy continues its solid performance with the latest ABS data revealing an unemployment rate of 5.2 percent over October. This is a drop from the 5.4 percent recorded over September and also down on the 5.6 percent recorded over October last year. Sydney’s unemployment rate is now the lowest of all mainland state capitals.
Dr Andrew Wilson is senior economist for the Domain Group Follow @DocAndrewWilson
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