Sydney’s weekend auction market results finished on a high note. According to the latest data from the Domain Group, Sydney recorded a clearance rate of 71.4% Saturday. While this was well below the 76.2% reported on Dec. 10, it was significantly higher than the 61.4% reported on Dec. 17, 2015.
A remarkable 686 homes were listed to go under the hammer Saturday, which was well ahead of 2015’s final weekend total of 320. Saturday’s listings were also higher than the previous record final day offering of 547 auctions (recorded on Dec. 15, 2012).
December has sharply reversed the pervious trend of lower auction numbers this year compared to last year, with 2463 weekend listings over the month compared to 1936 listed over December 2015.
“The December weekend auction total was also the highest ever recorded for that month exceeding the previous record 2421 set in 2014,”said Dr. Andrew Wilson, Domain Group’s senior economist.
In contrast, regional results last weekend had lower overall clearance rates with only three results over 80%. Reflecting the pattern typical for most of 2016, higher-priced, inner-suburban areas once again produced the highest results with regions to the outer west being the underperformers.
Median auction prices
Sydney recorded a median auction price of $1,055,000 Saturday, which was lower than the $1,250,000 recorded over the previous weekend. Saturday’s median was 11.3% higher than the $947,500 recorded over the same weekend last year. A total of $369.3 million was reportedly sold at auction in Sydney last weekend.
Overall, the Sydney housing market recorded positive results for sellers this year, and is set to remain a leading performer again in 2017, although growth rates are likely to be lower.
Sydney’s median house price surged over the spring, increasing by 4.9% over the November quarter compared to the previous quarter, reaching a new high of $1,106,415—an increase of 7.4% over the year.
Meanwhile, Sydney’s median unit price also increased over the spring, rising by 3.6% to a new record median of $712,007—an annual increase of 6%.
“Sydney house prices can be expected to increase by 4 percent next year with the increasingly likely stimulatory impact of lower official interest rates offset by higher mortgage rates set by banks,” Wilson said.
“Unit prices can also be expected to continue to increase although at a lower annual rate than houses at 3 percent reflecting higher levels of new apartment stock entering the marketplace.”
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