The Sydney home auction market bounced back last weekend recording a clearance rate of 81.1 percent despite over 700 properties going under the hammer.
The previous weekend the clearance rate dipped below 80 percent for the first time in two months as the highest number of auctions since May weighed down buyer activity. High auction numbers were however no impediment to the market last Saturday as the record breaking spring selling season regathered its energy.
Despite the revival in the clearance rate at the weekend, the underlying trend has weakened over the past month although nonetheless remaining strong and definitely still a sellers’ market. Sydney’s four-weekend average clearance rate now stands at 81.3 percent compared to 83.0 percent over the previous four-weekend period.
This weekend the Sydney home auction market will again host high auction numbers with 740 homes scheduled to go under the hammer. This is higher than last weekend’s 704 and clearly ahead of the 691 auctioned over the same weekend last year – and another big test for the resilient local market.
The inner west will again clearly host the most number of auctions this weekend with 134 followed by the city and east with 111, the south 94, the upper north shore 88, the lower north 75, the west 52, Canterbury Bankstown 50 and the south west with 44 auctions scheduled.
The most popular suburbs for auctions this weekend in Sydney are Paddington in the city and east and St Ives on the upper north shore each with 11 auctions listed. These are followed by Bexley in the south and Baulkham Hills in the north west each with 10 and Surry Hills and Randwick both in the city and east and Epping and Pymble both on the upper north shore and all with 9 auctions scheduled this weekend.
Latest house price data from APM Pricefinder reports that Sydney’s housing market clearly remains the best performer of all the capital cities.
Sydney’s median house price increased by 3.8 percent over the September quarter to a new record $843,994. Sydney’s median house price is up by 16.6 percent over the past year or a rise of $120,466.
Sydney’s unit prices also increased over the September quarter according to APM Pricefinder, up by 1.6 percent to $580,861 for an increase of 11.5 percent over the year. The median unit price in Sydney now exceeds the median house prices of Adelaide, Brisbane, Hobart and Canberra and is closing in fast on Melbourne and Perth house prices.
Dr Andrew Wilson is senior economist for the Domain Group Follow @DocAndrewWilson
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