Sydney auction market records fourth consecutive week of clearance rates above 80 per cent

The booming Sydney home auction market reported yet another strong result for sellers at the weekend, kicking off the month on a high. 

Sydney recorded a clearance rate of 81.3 per cent on Saturday which was higher than the previous weekend’s 80.2 per cent and well ahead of the 73.7 per cent recorded over the same weekend last year. Saturday’s result was the fourth consecutive weekend rate above 80 per cent and the seventh recorded over the past nine weeks since the beginning of February.

Sydney recorded a median auction price of $1,325,000 on Saturday which was higher than the $1,300,500 reported the previous weekend and 8.6 per cent higher than the $1,220,000 recorded over the same weekend last year. A total of $509.2 million was reported sold at auction in Sydney at the weekend.

Auction listings were lower at the weekend with 800 homes scheduled compared to the previous weekend’s 884 but remained well ahead of the 538 auctioned over the same weekend last year.

The red-hot Sydney market will face its biggest test next weekend with more than 1150 homes set to go under the hammer in the pre-Easter Super Saturday rush to market.

Sydney has made a strong start to the autumn selling season with a total auction clearance rate over March of 75.8 per cent. Although this was slightly lower than the 77.4 per cent recorded over February, it was well ahead of the 68.8 per cent recorded over March last year.

Auctions listings have surged in Sydney over the first three months of this year increasing by 1338 or 26.9 per cent to 6320 compared to the same period last year.

Sydney recorded a median auction price of $1,306,000 over March which was higher than the $1,290,000 reported over February and 4.9 per cent higher than the $1,245,000 recorded over March last year.

Inner suburban higher-priced regions again produced the highest clearance rates at the weekend, with the outer west continuing to record significantly lower rates by comparison.

The remarkably consistent inner west recorded the highest clearance rate on Saturday at 92.7 per cent, followed by the city and east at 90.4 per cent, the upper north shore at 85.9 per cent and the highest sales at 79, the lower north at 83.9 per cent, the northern beaches at 83.1 per cent and Canterbury Bankstown at 82.4 per cent.

The north-west was slightly lower at 80 per cent, followed by the south at 78.6 per cent, the central coast at 66.7 per cent, the west at 60.7 per cent, the south-west at 55.0 per cent and the Blue Mountains with a clearance rate of 33.1 per cent from the three recorded auctions.

Notable sales reported at the weekend included

• A five-bedroom home at 106 Belmont Road, Mosman, sold for $4,270,000 by Richardson and Wrench Mosman/Neutral Bay,
• A four-bedroom home at 10 Adolphus Street, Naremburn, sold by McGrath Crows Nest for $4,211,000,
• Another four-bedroom home at 24 Lyndhurst Street, Glebe, sold for $4,100,000 by McGrath Leichhardt,
• A five-bedroom home at 9 Dalwood Avenue, Seaforth, sold for $3,970,000 by Clarke & Humel Property
• And a five-bedroom home at 130 Tennyson Road, Tennyson Point, sold by First National Hunters Hill, Gladesville for $3,638,888.

The most expensive house reported sold at auction was a four-bedroom home at 13 Victoria Street, McMahons Point, sold for $4,425,000 by Stone Real Estate. The most affordable property reported sold at the weekend was a five-bedroom home at 23 Hillcrest Avenue, Tacoma, sold for $411,000 by Sorensen Real Estate.

For a list of Sydney auction results click here.