Global Power | Local Knowledge | Uniquely Personal
中文

Boom-time results surprises Syd...

Boom-time results surprises Sydney property market

The Sydney home auction market produced a very positive result over the course of last weekend, with a clearance rate of 84.2 per cent. 

This has been described as being akin to boom-time conditions - and the result is well ahead of the corresponding figure of 78.8 per cent recorded the week before, Domain reports. 

Indeed, the figure is almost ten per cent higher than the 74.3 per cent recorded over the same weekend last year - and this surprising performance comes in spite of significant constraints. 

A record Saturday for early-February listings and record summer heat were two factors that had been expected to put a dampener on the result. 

However, the vast majority of the approximately 540 homes listed for auction in the New South Wales capital on Saturday (February 11th) were sold. 

Some 231 homes were auction the weekend before and 358 listed over the same weekend in 2016. 

The top performers were found in inner suburban regions, which represents a continuation of the most consistent trend of the past year. The lower north took the top clearance rate with 94.6 per cent, followed by the inner west with 93.3 per cent and the most sales at 56.

Sydney recorded a median auction price of $1.2 million - higher than the $1.1 million for the previous weekend and 15.2 per cent higher than the $1.04 million recorded over the same weekend last year. The total value of all sales stood at $331.9 million

Dr Andrew Wilson, chief economist at Domain, said next weekend will be another big test. 

"The only thing hotter than Sydney's record-breaking summer temperatures was the seemingly irresistible local auction market, however, another big test awaits next weekend with nearly 700 homes set to go under the hammer."

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now