Mosman again the weekend's dearest with Canley Vale $365,000 the cheapest
Jonathan ChancellorDecember 7, 2020
The Sydney weekend auction market produced another strong result at the weekend although APM senior economist Dr Andrew Wilson acknowledges the trend has clearly weakened over recent weeks.
"Saturday’s 83.2 percent clearance rate was the lowest non-holiday rate reported since March 7," he noted. The revised result sits even lower, though still in the 80s.
There was a $1.26 median house price across Sydney auction and an $843,500 median apartment price. Just the five sales below $500,000 in the Sydney metropolitan suburbs.
The most expensive property reported sold at auction at the weekend was a 1960s three bedroom home at 4 Sverge Street Mosman sold for $3,050,000 by McGrath Mosman.
Mosman again had the highest sale across Sydney - at $3.05 million at 4 Sverge Street - again through McGrath, albeit at half last weekend's $6 million top reported sale.
The weekend sale was a 1960s original on 768 square metres.
The most affordable property reported sold at the weekend was a two bedroom Canley Vale apartment (below) that fetched $365,000, then outside of Sydney a two bedroom home at 39 Allambee Crescent, Blue Haven that sold for $295,000 by Raine and Horne Charmhaven.
The Canley Vale apartment sold a $163,000 in 2008, reflecting a very healthy 12% annual growth.
Saturdays result was slightly lower than last weekend’s 83.3 percent but well ahead of the 75.1 percent recorded over the same weekend last year.
"Sydney’s weekend clearance rates however have now fallen over three consecutive Saturdays which may indicate early signs of the usual mid-year hibernation for the market as buyers and sellers re-focus on a spring campaign," Dr Wilson suggested.
Sydney's overall weekend clearance rate was a smidge down at 83.2%, compared to last weekend's initial 83.3%, which was then revised down to 81.9% after the late notified results.
Saturday’s weekend result was achieved from high auction numbers for this time of the year with 686 listings – just below last weekend’s 692 but well ahead of the 580 listed over the same weekend last year.
Over 650 auctions are expected next weekend.
The Blue Mountains again reported the highest regional clearance rate with 100% from just two reported auctions.
Next highest was the north west with 96.2 percent with just one of the 26 reported auctions failing to sell under the hammer.
The inner west followed with 87.5 percent, the northern beaches 86.7 percent, Canterbury Bankstown 86.5 percent, the lower north shore 86.2 percent, the city and east 85.5 percent, the west 83.3 percent, the upper north shore 81.3 percent, the south 80.0 percent, and the south west 69.0 percent.
The central coast with a 66.7 percent clearance rate.
Sydney’s upper north shore hosted the most number of auctions of the suburban regions with 98 scheduled. Next highest was the inner west with 93 followed by the south 87, the city and east 74, the lower north and the west each with 60, Canterbury Bankstown 43, the northern beaches 42, the north west 33, the central coast 19 and the Blue Mountains with 2 auctions scheduled this weekend.
The most popular suburb for auctions in Sydney on the weekend was Wahroonga with 12 followed by Mosman with 11, Baulkham Hills 10, Hurstville and Blacktown each with nine.
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.