Super Saturday didn't disappoint, for a second year running!
As I said on Friday, there were just under 850 auctions scheduled on Saturday, and of the 568 reported results by Domain Group, the overall auction clearance rate was 70.2 per cent; higher than last weekend's 67 per cent. This number was still well down on reported clearance rates at the same weekend last year of 81.6 per cent. Sydney recorded a median auction price of $1.35 million which was 3.8 per cent higher than the $1.3 million recorded over the same weekend last year showing that prices are still continuing to grow despite lower stock levels.
The northern beaches was the standout performer at the weekend with a clearance rate of 85.2 per cent, followed by the upper north shore at 79.4 per cent, the lower north shore at 76.7 per cent, the inner-west at 72.6 per cent, the south at 72.2 per cent, the city, east and the west each at 71.1 per cent. The north-west, central coast and Canterbury Bankstown areas all recorded rates around 50 - 55 per cent with the south west at 45.7 per cent, all helping to bring down the overall auction clearance rate for Sydney.
Scarcity is still a major driver of auction clearance rates, and all our discussions with real estate agents are telling us this isn't going to magically improve any time soon. Stay tuned for more stock appearing on October 7th once the AFL and NRL Grand Finals weekend, and school holidays are all out of the way, but levels are still tight with homeowners unsure about the market and where they will go next.
As a result, there are a larger number of off-market transactions occurring. So if you want to ensure that you are seeing the whole market and being presented with these "silent sales", contact our Buyer's Agent's today on +61 2 9960 1066 or enquire today!