The Sydney auction market clearance rate at the weekend was 79 per cent, the first result below 80 per cent recorded for seven weeks.
Despite the small fall from last weekend's 81.6 per cent – which was also the average rate over the past six weeks – the Sydney auction market remains on record pace.
The all-time highest monthly Sydney auction clearance rate of 78.3 per cent was recorded in April 2002. Next weekend's final August – and winter – auction market will determine if that long-standing record is to be broken. Regardless of the result, the 2013 Sydney winter market will be the strongest ever recorded.
Some strong regional results were recorded at the weekend, with the south leading the way with an outstanding auction clearance rate of 92 per cent. The next best result was recorded by Canterbury Bankstown with 85 per cent, followed by the inner west with 82 per cent and the lower north shore with 79 per cent.
Notable auction sales reported in Sydney's south included a five-bedroom home at 13 Othello Street, Blakehurst, for $1,585,000 (McGrath), a four-bedroom home at 3 Como Street, Blakehurst, for $1.8 million (Montgomery Real Estate), a three-bedroom house at 488 Forest Road Bexley for $1,278,000 (Raine and Horne Bexley) and a five-bedroom house at 17 Lansdowne Street, Penshurst, for $1,201,000 (PRD Nationwide Bexley North).
In Sydney's inner west, a four-bedroom home at 13 Prospect Street, Erskineville, sold for $1.55 million (Ray White Surry Hills/Alexandria), another four-bedroom home at 11 Deakin Avenue, Haberfield, for $1,705,000 (Ray White Haberfield), a six-bedroom house at 229 Burwood Road, Burwood, sold for $1.5 million (Asian Pacific Property Group), and a four-bedroom home at 172 Lawrence Street, Alexandria, for $1,425,000 (Bresic Whitney).
On the lower north shore a two-bedroom home at 9 Farnell Street, Hunters Hill, sold for $1.3 million (Ward Partners), and a four-bedroom home at 81 Eastern Valley Way, Castlecrag, for $1.15 million (McGrath).
Notable unit sales at the weekend included a two-bedroom unit at 406/61-69 Hall Street, Bondi Beach, for $1.77 million (McGrath), another two-bedroom unit at 8/6 Croydon Street, Cronulla, for $402,500 (Cronulla Real Estate) and a two-bedroom unit at 53/67 Carabella Street, Kirribilli, for $1.22 million (Belle Property Neutral Bay).
The most expensive property reported sold at auction was a five-bedroom house at 31 Chelmsford Avenue, Willoughby, for $1,933,000 (McGrath). The most affordable property reported sold was a four-bedroom house at 59 Lindesay Street, Leumeah, for $355,000 (Richardson and Wrench Ingleburn).
The latest ABS data confirms the significant role investors continue to play in the strong Sydney winter housing market. June data reports that the level of investor finance approved for home purchases in NSW reached an all-time high at 54.1 per cent of the total home finance market.
Dr Andrew Wilson is senior economist for the Fairfax-owned Australian Property Monitors.
If you are are looking to enter to take out a home loan now that
interest rates are substantially lower than 6 months ago then don't
forget to get your Good Loan Guide for all your home loan help. Just send me an email to
goodloanguide@gmx.com for details.
Article from www.domain.com.au - August 26 2013 - 1:07PM by Andrew Wilson
