Sydney's North Shore market sizzling: Pete Wargent
Pete WargentNovember 27, 2016
Sydney recorded a preliminary auction clearance rate of 82 percent (CoreLogic) on Super Saturday, with Domain reporting a figure of 79 percent.
The median auction price, admittedly a crude market measure if ever there was one, came in at $1,270,000.
Smoothing the median auction prices of a 4pMA basis shows that over the past two months median auction prices have been tracking about 10 per cent or so higher than a year ago.
However, auctions only represent a part of the market, and in so,e secondary areas auctions have become less common as sentiment has tailed off, resulting in considerably lower volumes overall than a year ago.
This is consistent with moderate year-on-year median price growth for Sydney as a whole, but with a number of prime location areas still firing, in particular on the lower north shore, northern beaches, and in parts of the eastern suburbs.
An oversized 2 bedroom, 1 bathroom unit on Crows Nest Road close to Waverton station (above) sold for a thunderous $1.35 million at auction on Saturday.
At the beginning of this cycle in 2012 roughly equivalent units sold for just under $800,000.
An oversized 2 bedroom, 1 bathroom unit on Crows Nest Road close to Waverton station (above) sold for a thunderous $1.35 million at auction on Saturday.
At the beginning of this cycle in 2012 roughly equivalent units sold for just under $800,000.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.
Pete Wargent
Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.
