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

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Saturday, 19 November 2016

Sydney auctions solid ahead of Super Saturday

2016 drawing to a close

Another solid preliminary auction clearance rate of 79.5 per cent for Sydney this weekend.

There were some big numbers posted in the eastern suburbs, and Bondi and Paddington in particular.

Around the traps the suburbs of Mosman and Strathfield accounted for most of the big ticket sales. 

The median auction price was $1,221,500. 

This was some way down from the record preliminary result of $1,337,000 seen a fortnight ago, but then this was expected given that there were more than 750 homes going under the hammer this weekend.

The median auction price is a crude and volatile measure at the best of times.

However, smoothing the figures on a monthly basis reveals a more consistent picture, with prices tracking fairly consistently at about 10 to 12 per cent higher than a year ago. 

Next weekend will provide a stuff test for the Sydney market as the spring auction Super Saturday arrives before silly season and the big wind down to Christmas.

And that will soon be another year gone! Hectic.