Sydney prestige fades but still solid for sellers

The Sydney prestige home auction market consolidated its recent year-high performance with another solid result for top-end sellers.

Sydney reported a prestige property auction clearance rate of 74.1 per cent last week which although below the previous week’s year-high mark of 78.1 per cent was significantly ahead of the 60.6 percent recorded over the same period last year.

81 prestige property auctions were reported in Sydney last week which was higher than the previous week’s 64 auctions and also higher than the 66 reported over the same week last year.

Sydney’s prestige home auction market accounted for 13.7 per cent of total auction activity reported last week which was higher than the 12.7 percent recorded the previous week but lower than the 34.0 per cent recorded over the same week last year.

The Sydney prestige auction market recorded a median sale price of $2,745,000 last week which was lower than the previous week’s $3,050,000 result and 0.2 per cent lower than the $2,750,000 reported over the same week last year.

The top performing Sydney prestige auction market suburbs by sales volume over the past four weeks with 100 per cent clearance rates have been Manly with a median at $3,585,000 followed by  Bondi $3,250,000, Gordon $2,875,000, Bronte $3,500,000 and Waverley $1,845,000.

Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket