The Sydney home auction market weakened over the first weekend of autumn, with clearance rates falling marginally from auction numbers that continue to clearly lag last year’s offerings.
Auction listings in Sydney this weekend are again underwhelming and continue to reflect some wariness from sellers in regard to the strength of local market conditions.
Just over 550 homes are set to go under the hammer in Sydney on Saturday, which will be similar to the 578 auctioned last weekend but again below the 644 auctioned over the same weekend last year.
Over the past six weekends, 2412 homes have been listed for auction in Sydney, which is 589 fewer or a fall of 24.4 per cent compared with the 3001 listed over the same period last year.
Sydney reported a clearance rate of 73.3 per cent last weekend which was down on the previous weekend’s 76.9 per cent and 10 per cent below the 83.3 per cent recorded over the same weekend last year. Last weekend’s result was also the lowest recorded by the local market over the past month.
Last weekend’s results again reflected the recent trend of inner suburban, higher-priced regions reporting generally healthy results for sellers with lower-priced regions particularly to the west, north west and south west of the city recording considerably lower clearance rates by comparison.
Sydney’s inner west suburban region will clearly host the highest number of auctions this Saturday with 94. Next highest is the upper north shore with 78 followed by the city and east with 73, the south 67, the lower north 64, the northern beaches 52, the west 36, Canterbury Bankstown 35, the south west 31, the north west 26, the Central Coast 16 and the Blue Mountains with just one auction scheduled on Saturday.
Mosman and Lane Cove are the most popular suburbs in Sydney for auctions this weekend, with 14 each followed by Chatswood, nine, Manly, Randwick, Ryde and Maroubra, each with eight, and Epping, Surry Hills and Paddington, which will each host seven auctions on Saturday.
Although auction clearance rates were down last weekend, the Sydney market overall remains positive for sellers and continues to track at its highest levels since August last year. The market, however, also continues to produce mixed results with lower-priced outer suburban areas remaining relatively weak.
Dr Andrew Wilson is Domain Group’s chief economist
Mar 11, 2016,
Dr Andrew Wilson