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Record performance for Sydney a...

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."

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