Propertybuyer Blog: Property Advice, Market Updates & More
Sydney Auction Market Leaps Into Spring – Home Prices Now Rising - October 2020
By Guest Blogger, Dr Andrew Wilson, Chief Economist,
My Housing Market
Sydney’s weekend home auction market has commenced the spring selling season on a clearly positive note with clearance rates, listings and prices all on the rise as a sellers’ market emerges.
Sydney recorded a weekend auction clearance rate of 71.8% over September which was higher than the 68.1% reported over August but lower than the 78.6% reported over September last year. Clearance rates increased sharply towards 80% over the final two weekends of September despite rising listings and indicating strengthening buyer competition for property.
Weekend auction numbers were also clearly higher than recorded over August and also higher than listed over September last year. 2311 homes were reported listed over 4 weekends in September compared to 2037 over 4 weekends in August and 2202 auctioned over 4 weekends in September last year.
Sydney recorded a median weekend auction price of $1,225,000 over September which was 2.9% higher than the $1,190,000 recorded over August also 0.4% higher than the $1,220,500 recorded over September last year.
The value of homes reported sold at weekend auctions also increased over September, up by 1.0% compared to August but was down by 14.6% compared to August last year.
The Northern Beaches remained Sydney’s top regional auction performer over September with a clearance rate of 77.7% followed closely by the Inner West with 76.5% and the North West with 75.3%.
Castle Hill was Sydney’s leading suburb for reported weekend auction sales with 15 over September followed by Randwick 13 and Lane Cove 12.
A 5-bedroom house in Vaucluse was the highest reported weekend auction sale over September at
Sydney’s spring selling season has commenced with solid to strong results for most sellers and momentum clearly rising with higher listings, clearance rates and home prices recorded over September.
A rebounding local economy, improved confidence, government policies designed to ease lending restrictions and the emerging prospect of a near-term cut in official interest rates will continue to fuel strong market conditions.