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Hear the latest weekly insights into the property market via podcast by Rich Harvey, CEO and founder of Propertybuyer.

 
Fri 24 May '24 with Rich Harvey Granny Flats: Boost Your Yields & Faster Mortgage Repayments
 
 
Fri 3 May '24 with Rich Harvey Unpacking the Northern Beaches with Incredible Agents
 
 
Fri 29 Mar '24 with Rich Harvey How to build a $7 Million Property Portfolio from scratch
 
 
Sat 16 Mar '24 with Rich Harvey Why Invest in Melbourne?
 
 
Mon 26 Feb '24 with Rich Harvey Sydney’s Inner West – Hotspots and Outlook for 2024
 
 
Mon 12 Feb '24 with Rich Harvey Decoding Sydney’s North Shore Market – Outlook and Opportunities.
 

 

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Sydney Auction Market Leaps Into Spring – Home Prices Now Rising - October 2020

October 18, 2020 / Written by Rich Harvey

 

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

$24.6m.

 

 

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.

 

 

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The Propertybuyer
Podcast

 
Fri 24 May '24
with Rich Harvey
Granny Flats: Boost Your Yields & Faster Mortgage Repayments
 
 
Fri 3 May '24
with Rich Harvey
Unpacking the Northern Beaches with Incredible Agents
 
 
Fri 29 Mar '24
with Rich Harvey
How to build a $7 Million Property Portfolio from scratch
 
 
Sat 16 Mar '24
with Rich Harvey
Why Invest in Melbourne?
 
 
Mon 26 Feb '24
with Rich Harvey
Sydney’s Inner West – Hotspots and Outlook for 2024
 
 
Mon 12 Feb '24
with Rich Harvey
Decoding Sydney’s North Shore Market – Outlook and Opportunities.
 

 

Listen to many more
podcasts on our
Podcasts page.