Red-hot Sydney auction market marches on, with $693.3 million worth of property sold on Saturday

The Sydney home auction market has now reported its third consecutive weekend clearance rate above 80 per cent, with overall boom-time conditions prevailing.

The city recorded a median auction price of $1,420,000 on Saturday, which was higher than the $1,227,500 reported the previous weekend and 18.3 per cent higher than the $1,200,000 over the same weekend last year. A total of $693.3 million was reported sold at auction in Sydney at the weekend.

However, the 80.2 per cent clearance rate was just below the previous weekend’s 83.1 per cent, but was still well ahead of the 76.9 per cent over the same weekend last year.

Sellers continued to be advantaged by seemingly insatiable buyer appetites, particularly in inner suburban and higher-priced regions.   

It was the first Super Saturday of auctions with a February record 940 homes listed, which was significantly ahead of the 674 auctioned the previous Saturday, and the 654 offered over the same weekend last year. The previous February record for Saturday auctions was 785 in 2014.

Inner-suburban, higher-priced suburban regions dominated the results in a pattern that has been consistent in Sydney over the past year.

However, results in Sydney’s western suburbs were again well below the leaders.

The Blue Mountains had a 100 per cent clearance rate at the weekend, although only a single reported auction. Next highest clearance rate was the upper north shore with 86.9 per cent, followed by the inner west with 85.6 per cent

The city and east recorded 84.2 per cent and the highest sales at 117, the lower north scored 83.8 per cent and the northern beaches 82.5 per cent.

Sydney’s south was next with 79.5 per cent, followed by the north-west 71.4 per cent, the south-west 71.1 per cent and the central coast 70.6 per cent.

Bringing up the rear was Canterbury Bankstown with 65.7 per cent, and the west with a clearance rate of 54.3 per cent.

Notable sales at the weekend included a four-bedroom home at 64 Carabella Street, Kirribilli, sold for $5,850,000 by McGrath Neutral Bay, a five-bedroom home at 7 Lookout Avenue, Dee Why, sold for $5,680,000 by Mullane Property, a four-bedroom home at 11 Almora Street, Mosman, sold by Belle Prop Neutral Bay for  $5,200,000, another four-bedroom home at 79A Fletcher Street, Tamarama, sold for $4,775,000 by PhillipsPantzer Donnelley and a four-bedroom home at 53 Ocean View Road, Freshwater, sold by Belle Property Manly for $4,400,000.

The most expensive property reported sold at auction was an eight-bedroom home at 34-36 MacPherson Street, Bronte, which was sold for $6,200,000 by Belle Property Bondi. The most affordable property reported sold at the weekend was a two-bedroom unit at 28/144 Moore Street, Liverpool, which was sold for $423,500 by Prudential Liverpool.

For a list of Sydney auction results click here Sydney auction results Saturday, February 25

The March market will begin next weekend with significantly fewer auctions, which will provide fertile ground for another strong result as the Sydney buyer battle continues.

Dr Andrew Wilson is Domain Group chief economist
Twitter@DocAndrewWilson