Sydney prestige property surging into autumn

The Sydney prestige property auction market is on the rise as the autumn selling season advances with clearance rates increasing sharply from a higher overall market share.

Sydney reported a strong prestige auction clearance rate of 75.4 per cent last week which was well above the previous week’s result of 64.9 per cent and also ahead of the 70.2 percent recorded over the same period last year.

Last week’s result was also clearly the highest recorded this year so far and also the highest rate reported by the prestige market since October last year.

69 prestige property auctions were reported in Sydney last week which although lower than the previous weeks 77 auctions represented a higher total home auction market share of 13.7 percent compared to 12.6 percent.

The Sydney prestige auction market recorded a median sale price of $2,522,500 last week which was lower than the previous weeks $2,867,500 result but remained 18.7 percent higher than the $2,125,000 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 Castlecrag with a median at $2,317,500 followed by  Killara $2,385,000, Riverview $2,371,500, Bondi $3,000,000 and Greenwich (sale prices undisclosed).

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