Sydney weekend clearance rate jumps 8 points from last week

Alistair WalshDecember 7, 2020

Sydney’s weekly auction clearance rate jumped nearly 8 percentage points from the week before, according to RP Data.

RP Data recorded an auction clearance rate of 75.3% for the week, up from  67.7% the week before. 

From a total of 378 it has so far recorded 385 auction results of which 290 sold.

The number may change as more results are counted. 

And according to APM there was a clearance rate of 78.6% over the weekend compared to 69% the week before.

Of the 268 auctions recorded by APM 224 sold at a total value of $185 million. The number may change as more results are counted.

The median sale price for houses was $835,000 and $635,000 for units. Last week it was $920,000 for houses and $617,750 for units.

And at the same time last year the clearance rate was 58.2%.

Two weeks ago APM's initial result of 78% was subsequently revised to 69%.

The cheapest auction sale recorded by APM was a two-bedroom unit on Hythe Street in Mount Druitt which sold for $230,500.

It last traded for $250,000 in 2003, according to RP Data.

APM's Andrew Wilson told APM News on Fairfax Media the Sydney market continues to rise on the back of low interest rates and the nation’s best performing capital city economy.

He says Sydney’s weekend auction clearance rates have averaged 75% since Easter and says the housing market is showing no signs of slowing down.

He says there are signs of a revivial in the prestige market with eight sales above $2 million over the weekend. 

Canterbury Bankstown had the highest regional result on Saturday with a clearance rate of 83% with an average sale price of $628,667. The upper north shore at 81% and the inner west at 80% came close as well. 

And he says demand for apartments close to the city remains strong with the the $1.09 million sale of a three-bedroom unit on Quay Street at Haymarket

"Sydney’s weekend auction market continues to strengthen with clearly its best autumn performance for three years with just two weekends to the Queen’s Birthday holiday which signals the start of the winter selling season," Wilson writes.

"Although according to last week’s budget national economic performance is predicted to deteriorate, the Sydney economy continues to be a standout. Latest April ABS unemployment data now had the Sydney rate falling to just 4.9 percent- the lowest rate of all the state capitals and more good news for the local housing market."

Alistair Walsh

Deutsche Welle online reporter

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