Sydney market eases into autumn with lowest clearance rate since January

The Sydney auction market put the brakes on slightly after last weekend’s record-breaking Saturday, commencing the official autumn selling season with lower results from significantly fewer listings.

On a rain-soaked, Mardis Gras-distracted day, Sydney failed to clear 80 per cent for the first time in four weeks, although sellers remained generally pleased with the overall result.

Sydney recorded a clearance rate of 78.4 per cent on Saturday which was just below the previous weekend’s 80.1 per cent but remained well ahead of the 73.3 per cent recorded over the same weekend last year. 

Over the weekend 696 homes were listed for auction in Sydney which was well down on the previous weekend’s February record of 941 but well ahead of the 592 auctioned over the same weekend last year.

Next weekend numbers will be down again with just under 650 auctions scheduled.

Sydney recorded a median auction price of $1,150,000 on Saturday which was significantly lower than the $1,420,000 reported the previous weekend and 2.5 per cent lower than the $1,180,000 recorded over the same weekend last year.

A total of $425.2 million in property was reported sold at auction in Sydney at the weekend.

Regional results were again mixed at the weekend with five suburban areas recording strong clearance rates above 80 per cent.

The city and east was the top performer with 88.4 per cent from the highest sales at 61, while the next highest was the northern beaches with 83.7 per cent, closely followed by the north-west at 83.3 per cent.

The west was significantly higher this weekend recording 81.4 per cent, the inner west with 81.3 per cent, followed by the upper north shore at 78.8 per cent and the lower north at 77.8 per cent. 

The south had an auction clearance rate of 74.3 per cent, the south-west with 68.2 per cent, Canterbury Bankstown, with 67.6 per cent, the central coast 66.7 per cent and the Blue Mountains with a 50 per cent clearance rate from two reported auctions. 

The most expensive property reported sold at auction was a five-bedroom home at 3A Warung Street, McMahons Point, for $9,380,000 by McGrath Neutral Bay. 

The most affordable property reported sold at the weekend was a two-bedroom home at 3/17 Belford Street Ingleburn sold for $400,000 by Richardson and Wrench Ingleburn.

Notable sales reported at the weekend included:

• A four-bedroom home at 72 Campbell Street Balmain sold for $6,100,000 by Belle Property Balmain,
• A five-bedroom home at 18C Kirkoswald Avenue Mosman sold by Belle Property Mosman for $5,220,000,
• A four-bedroom home at 30 Wilson Street Cammeray sold for $4,000,000 by LJ Hooker Mosman Projects.
• A three-bedroom home at 309 Edinburgh Road Castlecrag sold for $3,915,000 by LJ Hooker Castlecrag
• And another three-bedroom home at 6 Blandford Avenue Bronte sold by PhillipsPantzer Donnelley for $3,500,000.

For a list of Sydney auction results click here Sydney auction results Saturday March 4.