Sydney auction market shows resilience with clearance rate of 70.4 per cent

Sydney recorded a sturdy auction clearance rate at the weekend with the local market showing resilience following a recent trend of declining buyer activity. 

The city’s auction market reported a clearance rate of 70.4 per cent on Saturday which was higher than the 68.4 per cent recorded over the previous weekend but still well below the 84.4 per cent reported over the same weekend last year.

Saturday’s result was the highest recorded by the Sydney market since the beginning of spring on September 9.

Auction numbers were lower at the weekend with 663 homes listed to go under the hammer compared to the previous weekends 725 but higher than the 629 auctioned over the same weekend last year.

The recently reviving Sydney market will be well and truly tested next weekend with over 1000 homes likely to be auction listed.

Sydney recorded a median auction price of $1,292,500 on Saturday which was higher than the $1,247,000 reported the previous weekend and 6.8 per cent higher than the $1,210,000 recorded over the same weekend last year.

A total of $293.9 million worth of property was reported sold at auction in Sydney on Saturday.

• Related: Click here for Saturday’s auction results
• Related: Click here for the Market Snapshot
• Related: Two bedroom Surry Hills apartment sells for $1.27m

The inner west recorded the highest clearance rate of the Sydney regions at the weekend with 78 per cent, followed by the lower north, 76.6 per cent; the city and east, and the south each recorded 75 per cent.

The northern beaches followed at 74.4 per cent, the upper north shore 73.7 per cent, Canterbury Bankstown 71.4 per cent, the north west 69.6 per cent, the central coast 57.1 per cent, the south west 55.6 per cent and the west with a clearance rate of 43.9 per cent.

Notable sales reported at the weekend included:

• A three-bedroom unit at 3/22A Queenscliff Road, Queenscliff sold by Clarke and Humel Property for $4 million;
• Another three-bedroom unit at 19/2-14 Pacific Street, Bronte sold for $3,450,000 by PhillipsPantzer Donnelley;
• A three-bedroom home at 94 Majors Bay Road, Concord sold by Strathfield Partners for $3,392,000;
• A five-bedroom home at 108 Beresford Road, Strathfield sold for $3 million by Devine Real Estate;
• And a four-bedroom home at 12 Goodsir Street, Rozelle sold for $2,950,000 by Cobden and Hayson.

The most expensive house reported sold at auction was a three-bedroom home at 10 Wren Place, Burraneer sold for $5.02 million by Highland Property Agents.

The most affordable property reported sold at the weekend was a three-bedroom home at 6 Kala Avenue, Halekulani sold for $425,000 by George Brand Toukley.