Global Power | Local Knowledge | Uniquely Personal

Record performance for Sydney auctions in 2016

Sydney's final auction weekend of the year saw 2016 bow out on a record-breaking note, with the highest ever number of sales made for the final December Saturday. 

A clearance rate of 71.4 per cent was achieved, Domain reports - and while this remains below the 76.2 per cent reported the previous weekend it remains significantly higher than the figure of 61.4 per cent that was reported for the corresponding weekend in 2015.

Indeed, the latest figure is the lowest reported since the Queen's Birthday holiday weekend last June.

However, it remains a positive result for sellers in Sydney, as it marks an high result in the context of an unprecedented volume of final day auctions conducted.

Some 686 homes were listed to go under the hammer on Saturday (December 17th), which was well ahead of last year's final weekend total of 320. 

It was also higher than the previous record final day offering of 547 auctions, which were made on December 15th 2012.

The city's median auction price stood at $1.055 million for the weekend, which was lower than the $1.25 million average for the previous weekend. It is 11.3 per cent higher than the corresponding figure for 2015 - and a total of $369.3 million of property was reported sold at auction.

Commenting on the figures, chief economist of the Domain Group Andrew Wilson said the Sydney housing market has delivered positive results for sellers throughout the year and is likely to remain the leading performer once more in 2017. 

"Sydney house prices can be expected to increase by four per cent next year with the increasingly likely stimulatory impact of lower official interest rates offset by higher mortgage rates set by banks," Mr Wilson commented. 

"Unit prices can also be expected to continue to increase although at a lower annual rate than houses at three per cent reflecting higher levels of new apartment stock entering the marketplace."

DISCLAIMER: 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.

COPYRIGHT: All information provided is protected by international copyright laws. You may not copy, reproduce, distribute, publish, display, perform, modify, create derivative works, transmit, or in any way exploit any such content, nor may you distribute any part of this content over any network. Copying or storing any content is expressly prohibited without prior written permission of SMATS Group or the copyright holder identified in the individual content's copyright notice. For permission to use the content on please contact

Subscribe Now