Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Sunday, 27 November 2016

North shore market sizzling

Sydney auction market strong

Sydney recorded a preliminary auction clearance rate of 82 per cent (CoreLogic) on Super Saturday, with Domain reporting a figure of 79 percent. 

The median auction price, admittedly a crude market measure if ever there was one, came in at $1,270,000.

Smoothing the median auction prices of a 4pMA basis shows that over the past two months median auction prices have been tracking about 10 per cent or so higher than a year ago. 

However, auctions only represent a part of the market, and in so,e secondary areas auctions have become less common as sentiment has tailed off, resulting in considerably lower volumes overall than a year ago.

This is consistent with moderate year-on-year median price growth for Sydney as a whole, but with a number of prime location areas still firing, in particular on the lower north shore, northern beaches, and in parts of the eastern suburbs.

An oversized 2 bedroom, 1 bathroom unit on Crows Nest Road close to Waverton station sold for a thunderous $1.35 million at auction on Saturday.

At the beginning of this cycle in 2012 roughly equivalent units sold for just under $800,000.