Still in the 80s, but Sydney auction success rate in decline as winter approaches

Still in the 80s, but Sydney auction success rate in decline as winter approaches
Still in the 80s, but Sydney auction success rate in decline as winter approaches

The Sydney weekend auction market weakened a tad on Saturday from its record-breaking run of the past few months.

There was a preliminary 84.2% auction success rate today, the second last week of the Autumn selling season.

The peak was the all-time record clearance rate of 89.2% on May 9. It eased to a preliminary 84.4% result last weekend, May 16.

But the May 16 result was revised down to 81%, suggesting it won't be long before heading back into the still strong 70s.

Dr Andrew Wilson, senior economist for the Domain Group, noted the 84.2% preliminary result today was "strong but again below record levels of past month."

Despite the slight overall weakening, auctioneers reported suburbs of intensity.

"Property market has been red hot today," auctioneer Damien Cooley tweeted. His brother Andrew tweeted the #South#market is flying today! Everything selling #overreserve - buyers everywhere!!

This weekend Sydney was scheduled to host over 750 auctions, well ahead of the 556 auctioned last weekend but below the 809 auctioned over the same weekend last year.

CoreLogic RP Data reported the overall clearance rate over the entire week increased in Sydney to 86.9 per cent, based on preliminary results to May 24, signifying that Sydney’s clearance rate of 85.0 per cent last week was a "brief dip," after the four previous weeks where Sydney’s clearance rate was recorded above the 87 per cent mark. 

The CoreLogic results were based on 770 Sydney auction results reported so far this week, with 950 homes taken to auction. 
 
"Volumes are higher than last week, when 885 residential auctions were held, and lower than last year, when there were 1,115 auctions," CoreLogic RP Data advised.
 
"One year ago, Sydney’s auction clearance rate was 73.1 per cent, more than 10 percentage points lower than the current level." 
 
Across Sydney’s individual sub-regions, the inner west region recorded the strongest result with a preliminary clearance rate of 94.7 per cent across 76 results. 
 

Most expensive

 
Sydney 9 King Av, Balgowlah NSW 2093, 5 br House, Max Walls International $6,000,000
Melbourne 46 Canberra Gr, Brighton East VIC 3187, 4 br House, Hocking Stuart Brighton $4,010,000
Adelaide 41 Grandview Gr, Toorak Gardens SA 5065, 5 br House, Klemich Real Estate Henley Beach $1,320,000
Brisbane 15 Abercrombie St, Newstead QLD 4006, 3 br House, RW - New Farm $2,675,000
Canberra 57 MacAlister Cr, Curtin ACT 2605, 5 br House, Peter Blackshaw Real Estate Woden & $1,342,500

Most affordable

 
Sydney 13/107 Broughton St, Campbelltown NSW 2560, 3 br Townhouse, R&W Campbelltown $310,000
Melbourne 3/117 Anderson Rd, Albion VIC 3020, 1 br Unit, Douglas Kay Sunshine $146,500
Adelaide 144 Wills St, Peterhead SA 5016, 2 br House, LJH West Lakes $250,000
Brisbane 15 Woodburn St, Marsden QLD 4132, 3 br House, PRD Marsden $275,500
Canberra 99 Florey Dr, MacGregor ACT 2615, 3 br House, LJH Belconnen $385,000

Source APM

Sydney’s south hosted the most number of auctions with 121 listing.

The upper north shore followed with 106, the inner west 100, the city and east 79, the lower north 66, south west 60, the north west 54, the west 53, the northern beaches 47, Canterbury Bankstown 39, central coast 18 and the Blue Mountains with 1 auction scheduled this weekend.

Randwick and Mosman were the most popular suburbs for auctions with 11 auctions each including 6 Dick Street, Randwick where Damien Cooley secured a $3.55 million sale through BHR Bickmore-Hutt Realty, a trophy family home for sale for the first time in 39 years. The three-bedroom house at 6 Dick Street had a reserve price of $3.25 million and five registered bidders. Cooley Auctions also secured the sale of 8 Coogee Street, Randwick at $1.85 million and 72 Canberra Street, Randwick at $1.69 million.

Strathfield foliowed with 10, including 25 Arthur Street (below) which fetched $1,783,000.

It sold with 11 registrations, auctioneer Ricky Briggs advised.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Auctions Sydney

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