Sydney's Super Saturday auction success rate ends spring steady
Sydney’s weekend auction market concluded the spring selling season with a 74.6% success rate, virtually steady.
Last weekend’s 73.5% preliminary result was the lowest recorded for four months.
Last weekend's result was adjusted down to 68.4% after late auction results.
Just over 1,000 auctions were listed in Sydney today which ranked as the highest ever number of homes to go under the hammer on a spring Saturday. There are some 350 results yet to be tallied, which will see the preliminary result come back a bit.
The record Saturday stands with 1,100 plus offering during the 2014 Easter leadup.
The upper north shore hosted the most number of auctions this weekend with 146 closely followed by the inner west with 123, the south 134, the city and east 124, the lower north 107, the west 88, Canterbury Bankstown 81 and the northern beaches with 66 auctions scheduled.
The 1884 Roseville residence, Corona House, the late Victorian Italianate style home (pictured below) was passed in at $4.5 million through McConnell Bourn.
The highest recorded sale was when 52 Lucretia Avenue, Longueville was sold for $3,605,000 through McGrath Estate Agents.
The Woods-McFadden house at Double Bay was passed in on a $14 million vendor bid.
The most popular suburb for auctions this weekend was Hunters Hill on the lower north shore with 15, followed by Mosman also on the lower north shore, St Ives on the upper north shore, Blacktown in the west, and Castle Hill in the north west each with 12 and Strathfield in the inner west and Epping on the upper north shore each with 11 auctions scheduled at the weekend.
Sydney commenced the spring selling season this year with nine consecutive clearance rates above 80%, according to Australian Property Monitors.
"The market has clearly lost that early energy with 5 out of the last seven weekends below the 80% benchmark," APM senior economist Andrew Wilson said.
Before the Saturday results, the four-weekend average clearance rate had fallen to 76.4% which is now well down on the 80.6% average recorded over the previous four-weekend period.
Pre-auction sales had been tracking around 30% in last three months, but jumped up to 40% of sales during November.
