Sydney housing market takes a breath

Adam Smith 7 November 2016

house sold blocksSydney’s auction market slowed slightly on the weekend, reporting its lowest clearance rate in six weeks.

Auction data from Domain shows Sydney recorded a 77% clearance rate on the weekend, down significantly from the 81.4% rate recorded the previous weekend. While the result showed a slowing in a market that had been gaining speed, it remained well up on the 59.2% clearance rate recorded for the same weekend last year.

Domain’s Andrew Wilson put the result down to a higher number of listings. The Sydney market played host to 831 auctions on the weekend, up from 792 the previous weekend.

“The weekend’s auction numbers remained well below the 1015 conducted over the same Saturday last year, but higher auction numbers will continue to test the Sydney market, with well over 700 again expected next weekend,” Wilson wrote.

The lower north saw the city’s highest clearance rate at 93.3%, followed by the inner west at 90.1%. Sydney’s south-west was the worst performer, with a clearance rate of just 48.8%.

The median auction price for the weekend reached $1,337,000, up from $1.3 million the previous weekend. The result was 9.1% higher than the median price of $1,225,000 recorded the same weekend of last year.

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