Another weekend and yet another booming result for Sydney’s relentless home auction market that continues at red-hot early year pace, not phased by a surge in listings.
Sydney recorded a clearance rate of 82.2 per cent on Saturday which was just below the previous weekend’s 82.9 per cent and well ahead of the 75.8 per cent recorded over the same weekend last year. Sydney has now reported five weekend clearance rates above 80 per cent over the past seven weeks since the beginning of February.
Higher listings reflect seller confidence in the strong local market with 722 homes scheduled for auction on the weekend which was well ahead of the 626 listed over the previous Saturday. Next weekend will be a real test of the market with almost 900 auctions scheduled.
Sydney recorded a median auction price of $1,355,000 – 15.9 per cent higher than the $1,169,500 recorded over the same weekend last year. A total of $493 million was reported sold at auction on Saturday.
Strong home auction activity will translate into higher prices generally in the Sydney housing market. The latest Domain Group report reveals a February median asking price for private sale houses at $810,000 which was an increase of 4.3 per cent compared to February last year.
Annual house prices growth in the Sydney market has fallen sharply compared to the 9.4 per cent recorded between February 2015 and February 2016. Sydney prices growth over the past year is now the lowest recorded since 2013.
February asking prices for private sale units in Sydney however increased by just 0.8 per cent over the year to a median of $677,500.
Sydney’s regional auction results reflected a familiar pattern on the weekend with the usual inner suburban higher priced suspects remaining at the top of the list. Results were a little more mixed compared to the previous weekend’s more consistent outcomes.
The highest clearance rate at the weekend was recorded by the lower north at 90.4 per cent followed by the inner west at 88.6 per cent, which also had the highest sales at 78. Closely following the inner west was the northern beaches with 88.5 per cent, the city and east at 87.5 per cent, the upper north shore at 85.1 per cent, the south at 84.5 per cent, and Canterbury Bankstown at 76.1 per cent.
The west had another solid result at 71.9 per cent, the central coast at 69.2 per cent, the north west well down this weekend at 65.6 per cent and the south west with a clearance rate of 53.1 per cent.