Despite reports it’s heading towards a demise, Sydney’s auction market produced yet another boom-time result at the weekend, re-focusing after holiday interruptions in the past month.
Proving the city’s not slowing down, Sydney recorded a strong clearance rate of 80.3 per cent which was well ahead of last weekend’s holiday-affected year low of 75.6 per cent and significantly higher than the 73.7 per cent recorded over the same weekend last year.
Sydney has now recorded clearance rates above 80 per cent on nine of the 13 weekends since February, with Easter and school holidays attributed to outlier lower weekends.
The booming northern beaches recorded the highest regional clearance rate at the weekend with another remarkable 93.3 per cent result. Next highest was Canterbury Bankstown at 87.8 per cent followed by the south with 87.1 per cent, the north-west with 82.6 per cent, the inner-west and the lower north each with 79.5 per cent.
The city and east regions both recorded 78.4 per cent followed by the south-west with 76.2 per cent, the upper north shore and the west each with 75 per cent and the central coast with a clearance rate of 50 per cent.
Sydney recorded a median price of $1,230,000 on Saturday which was higher than the $1,110,000 reported the previous weekend and 6.7 per cent higher than the $1,152,500 recorded over the same weekend last year. A total of $411.2 million was reported sold at the weekend.
Surging demand driven by strong migration continues to impact Sydney’s rental market with rents increasing sharply. The median weekly rent for a house increased by 1.9 per cent over the March quarter to a record high $550. Unit rents also increased over the quarter – up by 1.9 per cent to $530 per week – a record high.
Despite significant levels of recent new apartment development, Sydney residential rental vacancy rates have tightened over March to just 1.9 per cent for houses and 1.9 per cent for units.
Recent actions by banks and policymakers to reduce investor activity will not be welcomed by tenants in Sydney’s tight rental market if they result in yet higher rents.
Auction listings were higher again at the weekend with 653 homes listed to go under the hammer compared to 504 the previous weekend. However, next Saturday will be significantly quieter with just over 450 auctions set to start the final month of autumn.
Notable sales reported at the weekend included:
- A three-bedroom unit at 325/3 Darling Island Road, Pyrmont sold by Morton Pyrmont for $4,410,000,
- A five-bedroom home at 29 Malton Road, Beecroft sold for $3,720,000 by Belle Property Beecroft,
- A five-bedroom home at 4 Miowera Road, North Turramurra sold for $3,400,000 by Chadwick Real Estate,
- And a four-bedroom home at 3B Higgs Street, Coogee sold for $3,250,000 by LJ Hooker Randwick.
The most expensive house reported sold at auction was a six-bedroom home at 38 Newton Road, Strathfield sold for $4,750,000 by Devine Real Estate. The most affordable property reported sold at the weekend was a one-bedroom unit at 24/11 Church Street, Ashfield sold for $295,000 by Raine and Horne Ashfield.