Sydney market remains in fine form after Easter break

The Sydney weekend auction market has returned in fine form after the Easter break, with the inner-city markets producing exceptionally strong clearance rates.

In the eastern suburbs nine out of 10 homes sold under the hammer on Saturday, followed closely by the lower north shore, which recorded a clearance rate of 86.7 per cent.

Weaker buyer activity is, however, is set to remain in lower priced outer suburbs to the west reflecting falling investor activity and recent strong prices growth subduing the market.

A total of $282.5 million was reported sold at auction in Sydney at the weekend.

Auction activity in Sydney will continue to rise through to the Queen’s Birthday holiday break in June, which will signal the beginning of the quieter winter auction market.

Sydney reported a clearance rate of 73.7 per cent at the weekend, which was just below the 75.8 per cent recorded on the pre-Easter weekend a fortnight ago and well below the boom-time 86.8 per cent recorded over the same post-Easter weekend last year.

Saturday’s result was just below the average weekend rate of 74.5 per cent recorded over the past nine Saturdays with a high of 76.9 per cent and a low of 71 per cent reported over that period.

There were 539 homes listed for auction on Saturday, which was similar to the 535 listings reported last year over the same post-Easter weekend.

The inner west also performed well Saturday, recording a clearance rate of 83.6 per cent, followed by the northern beaches (75.7 per cent), the central coast (75 per cent) and the south-west (70.6 per cent).

Canterbury Bankstown lagged behind with a clearance rate of 68.2 per cent, followed by the upper north shore with 65.1 per cent, the south at 63.8 per cent, the north-west at 62.5 per cent and the west with another low result this weekend at 45.2 per cent.

Notable sales reported at the weekend included a four-bedroom home at 33 Osborne Road, Manly, which sold for $4,185,000 by Belle Property Manly. 

A five-bedroom home at 25 Fleming Street, Northwood, sold by McGrath Lane Cove for $3,542,000 while a six-bedroom home at 67 Arthur Street, Strathfield, sold for $3,300,000 by McGrath Concord.

A nine-bedroom home at 46-48 Second  Avenue Campsie sold for $2,890,000 by Strathfield Partners and a three-bedroom home at 37 Day  Avenue Kensington sold by Raine and Horne Randwick for $2,730,000. 

The most expensive property reported sold at auction at the weekend was a five-bedroom home at 19 Lower Almora Street, Mosman, which sold for $5,180,000 by McGrath Mosman.

The most affordable property reported sold at the weekend was a two-bedroom unit at 21/1 Waterside Crescent, Carramar, which sold for $264,000 by Laing and Simmons Cabramatta.

Sydney recorded a median auction price of $1,220,000 on Saturday which was higher than the $1,169,500 recorded two weekends ago.

Saturday’s median remained 22.2 per cent higher than the $998,000 recorded over the same post-Easter weekend last year. 

Click here for the latest Sydney auction results

Dr Andrew Wilson is Domain Group’s chief economist

Twitter @DocAndrewWilson 

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