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The Sydney market breezed through the spring super Saturday of home auctions at the weekend, recording yet another strong clearance rate despite it being the highest listings day of the year.
Sydney reported a clearance rate of 78.8 per cent on Saturday, which was only just below the 79.5 per cent recorded the previous weekend and well ahead of 58.6 per cent recorded over the same weekend last year.
The usual late spring rush to market continued at the weekend with 961 homes listed to go under the hammer, which was a big jump on the previous weekend’s 770, but below the 1066 auctioned over the same weekend last year. Next weekend will present another tough challenge for the resilient local market, with nearly 900 auctions scheduled.
Super Saturday success: Sydney reported a clearance rate of 78.8 per cent. Photo: Fiona Morris
The northern beaches recorded another strong result at the weekend, leading the regional clearance rates with 92.3 per cent. The next highest was the city and east with 89.7 per cent and the highest number of sales at 96, followed by the inner west with 89.6 per cent, the south with 79.5 per cent, the upper north shore with 79.1 per cent, Canterbury Bankstown with 76.5 per cent, the lower north with 75.4 per cent, the west with 71.7 per cent, the central coast with 67.9 per cent, the south-west with 58.9 per cent and the north-west down sharply on Saturday with a clearance rate of just 42.3 per cent.
Notable sales reported at the weekend included:
- a three-bedroom unit at 1/33B Mona Road, Darling Point, sold for $4.55 million by BresicWhitney Darlinghurst;
- a five-bedroom home at 23 Mitchell Street, Greenwich, sold by Harbourline Real Estate for $4,521,000;
- a six-bedroom home at 42 Woodward Avenue, Strathfield, sold for $4.48 million by Devine Real Estate;
- a three-bedroom home at 49-51 Shepherd Street, Chippendale, sold by BresicWhitney for $3,575,000;
- a five-bedroom home at 3 Garemyn Road, Middle Dural, sold for $3,555,000 by Merc Real Estate Castle Hill.
The most expensive property reported sold at auction at the weekend was a four-bedroom home at 49 Taloombi Street, Cronulla, which sold for $5,505,000 by Cronulla RE. The most affordable property reported sold at the weekend was a one-bedroom unit at 10/16 Calliope Street, Guildford, which sold for $337,000 by Starr Partners Merrylands.
Buyers had 961 homes to choose from. Photo: Fiona Morris
For a list of Sydney weekend auction results click here.
Sydney recorded a median auction price of $1.27 million on Saturday, which was higher than the $1,221,500 recorded the previous weekend. Saturday’s median was also 5.8 per cent higher than the $1.2 million recorded over the same weekend last year. A total of $613.8 million was reported sold at auction in Sydney at the weekend.
Although the Sydney auction market remains strong, NSW first home buyer activity continues to fall, with current levels the lowest on record for the state market.
23 Mitchell Street, Greenwich. Photo: Supplied
The latest Australian Bureau of Statistics data reveals just 1284 loans were approved for NSW first home buyers over September, which is the smallest September total recorded in the series since the all-time low recorded over September 1991.
First home buyer loans in NSW accounted for a record-low 4.5 per cent of all lending approved for housing purchases over September. This is well below the long-term market share for this group and is clearly the lowest proportion of all the state markets – well below the next lowest state, South Australia, with a 9.7 per cent loan market share.
Although activity levels are low and falling, the average loan approved for a first home buyer in NSW increased by 2.9 per cent to $376,700 over the month and was clearly the highest of all the states, with next highest Victoria at $325,100.
The most expensive sale of the week: 49 Taloombi Street, Cronulla, which sold for $5,505,000. Photo: Cronulla Real Estate
First home buyer activity in NSW is set to remain at historically low levels, particularly with home prices rising sharply in the Sydney market over recent months. The recent surge in investor activity is also clearly a factor in sidelining NSW first home buyers and will continue to contribute significantly to prices growth.
Dr Andrew Wilson is Domain Group chief economist Twitter@DocAndrewWilson join on LinkedIn and listen 2UE Lifestyle Radio Fridays 11am and Mondays 5pm