The Sydney weekend auction season re-commenced on Saturday for 2017 after a five-week holiday break, producing overall solid results for sellers from a small but reasonable choice of homes so early in the season.
Although auction numbers were predictably low – for a January weekend affected by Australia Day – the number of 55 homes listed were nonetheless higher than the 47 listings recorded over the same opening weekend last year.
Auction market activity is likely to continue this year where it left off last year with sellers generally having the upper hand in the market – particularly in inner-suburban, higher-priced regions. The numbers will be significantly higher next weekend when well over 200 properties go under the hammer.
While Sydney recorded a clearance rate of 65.3 per cent on Saturday – well ahead of the 43.2 per cent reported over the same weekend last year – low auction numbers can result in misleading insights into the underlying nature of the housing market.
The Lower North, Canterbury Bankstown and the South West all reported 100 per cent clearance rates at the weekend from low listing numbers. Next highest was the Northern Beaches with a clearance rate of 75 per cent followed by the Upper North Shore, the Inner West and the North West each with 66.7 per cent.
Notable auction sales reported at the weekend included a four-bedroom home at 13 Ralston Avenue Belrose which sold for $1,600,000 and another four-bedroom home at 10 Sentinel Avenue Kellyville which sold for $1,550,000.
A three-bedroom home at 39B Trafalgar Street Enmore sold for $1,525,000 while a three-bedroom home at 4 Hextol Street Croydon Park sold for $1,515,000.
The most expensive property reported sold at auction at the weekend was a three-bedroom home at 8 Epping Drive Frenchs Forest which sold for $1,855,000. The most affordable property reported sold at the weekend was a two-bedroom unit at 14/50 Warialda Street Kogarah which sold for $570,000.
For a list of Sydney weekend auction results click here Sydney auction results Saturday January 28
Sydney recorded a median auction price of $907,500 on Saturday which was 5.2 per cent higher than the $862,500 recorded over the same weekend last year. A total of $29.6 million was sold at auction in Sydney at the weekend.
Sydney recorded a clearance rate of 69.9 per cent over December 2016 which was down from the year’s peak monthly result of 76.0 per cent recorded over October. Clearance rates faded over the final months of the year as a surge in end-of-year listings provided more choice for buyers and more competition for sellers.
But now it’s a whole new year.
Dr Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and listen 2UE Lifestyle Radio Fridays 11am and Mondays 7pm