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Sunday, 4 December 2016

Summer starts in Sydney

Softer start

A huge week of auctions to kick off summer in Sydney with some 1111 homes going under the hammer as the long summer break approaches. 

Although this was a large number of auctions, activity levels are still some way down on a year ago. 

The preliminary auction clearance rate according to Domain was down a bit to a still-strong 75.8 per cent.

Patchier in parts

While the inner suburbs are still firing, there were plenty of examples of auctions passing in out west, while auction after auction in both Bankstown and Blacktown failed to deliver a positive result, and likewise Cabramatta.

While on the 'B' theme, in the east almost everything in the four suburbs of Bondi that is touched is turning to sold, and the same is true of Randwick and Surry Hills.

Meanwhile the north shore suburbs such as Lane Cove and the northern beaches (Dee Why, Manly, etc.) continued to power on relentlessly.

The sheer strength of results in suburbs to the north of the coathanger through this cycle has been something to behold.

In Marrickville in the inner west, everything sold under the hammer. 

There are some signs that affordability is biting, with attention shifting to properties in the lower percentiles in the popular suburbs.

Indeed, the median auction price for units increased to $892,500 from $850,000 last week. 

On the other hand, the median auction price for detached houses slipped a little from $1,410,000 top $1,380,000.

This dynamic took the reported auction median overall down a notch to $1,200,000 on the day.  

On a 4pMA basis, the median reported auction price was down a little from the record high of $1.27 million a fortnight ago to $1.23 million.

Not lot to go now until Christmas when everyone can take a well-earned breather.