The Sydney auction market went nuclear on Saturday with a record-breaking performance ahead of the Easter break.
An unprecedented 1152 homes were scheduled for auction on Saturday, which was the highest ever weekend offering. The previous record of 1128 was set on the pre-Easter weekend of 2015.
Sydney also recorded its highest ever number of weekend auction sales on Saturday with $760.9 million worth of property changing hands.
The flood of pre-Easter listings didn’t impact what was another boom-time clearance rate of 80.9 per cent, well ahead of the 70.3 per cent recorded over the same weekend last year.
The median auction price on Saturday was $1,320,000 – 9.1 per cent higher than the $1,210,000 recorded over the same weekend last year.
Sydney has now recorded five consecutive weekends with clearance rates above 80 per cent for the first time since the peak market conditions of July 2015.
The flood of pre-Easter listings didn’t impact what was another boom-time clearance rate of 80.9 per cent, well ahead of the 70.3 per cent recorded over the same weekend last year.
The median auction price on Saturday was $1,320,000 – 9.1 per cent higher than the $1,210,000 recorded over the same weekend last year.
Sydney has now recorded five consecutive weekends with clearance rates above 80 per cent for the first time since the peak market conditions of July 2015.
Low mortgage rates are a key catalyst for continuing strong auction market conditions in Sydney. The Reserve Bank has again decided to leave official interest rates on hold over April. Rates have now been on hold since August last year when they were cut to the record low 1.5 per cent.
Although rates remain on hold, the latest economic data remains mixed with the national unemployment rate now at a year-high 5.9 per cent and latest retail sales data disappointing. A number of capitals have unemployment rates significantly higher than a year ago.
A continued deterioration in the jobless rate and weak retail spending will likely result in official rate cuts sooner rather than later – despite recent house price hysteria.
The Blue Mountains recorded the highest regional clearance rate at the weekend with a 100 per cent result from the single reported auction. Next highest was the northern beaches at 88.2 per cent followed by the lower north at 87.8 per cent, the upper north shore at 86.4 per cent, the inner west at 83.6 per cent. The inner west also had the highest sales with 112 properties swapping owners.
The north west was marginally behind at 82.9 per cent followed by the city and east at 82.0 per cent, the west 81.7 per cent, the south at 77.9 per cent, Canterbury Bankstown at 75.4 per cent, the central coast at 64.0 per cent and the south west with a clearance rate of 59.6 per cent.
Notable sales reported at the weekend included:
- A five-bedroom home at 15 Sirius Cove Road, Mosman, sold for $4,858,000 by McGrath Mosman,
- A six-bedroom home at 12 Boomerang Street, Turramurra, sold by McConnell Bourn Lindfield for $4,850,000,
- A five-bedroom home at 4 Nicholii Place, Kenthurst, sold for $4,630,000 by Lumby Hampson
- A four-bedroom home at 8 Wunda Road, Mosman, sold for $4,400,000 by Simeon Manners
- And another four-bedroom home at 18 Neridah Street, Chatswood, sold by Golden Peak Property for $3,950,000.
The most expensive house reported sold at auction was a four-bedroom home at 12 Cross Street, Bronte, sold for $5,330,000 through Phillips Pantzer Donnelley. The most affordable property reported sold at the weekend was a one-bedroom home at 2/146 Carcoola Street, Canley Vale, sold for $410,000 through Vista Real Estate.
For a list of Sydney auction results click here.
Article from Domain.com.a.u and written by Dr. Andrew Wilson
https://www.domain.com.au/news/sydneys-record-breaking-weekend-1152-auctions-and-7609-million-worth-of-property-sold-20170409-gvh4b7/