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Saturday, 17 December 2016

Sydney median +4.9pc in spring quarter to record $1.1m

Sydney auctions limped over the line in the final auction weekend of the year, recording a considerably softer preliminary clearance rate of 71 per cent. 

Being the final auction week of the year - indeed the last until the week of February 7 - there were fewer auctions in the top quintile this week, reflected in a reduced median auction price of $1,055,000. 

This is much lower than the record high which was experienced only six weeks ago.

Overall, though, it was a spectacular spring with consistently high auction clearance rates in Sydney.

Domain reported that the median house price in Sydney boomed by +4.9 per cent in the November quarter to a new high of $1,106,415.

Over the year, Sydney's median house price increased by +7.4 per cent.

Unit prices in Sydney also experienced a strong quarter, rising by +3.6 per cent to a record $712,002.

All quiet on the auction front for the next seven weeks. 

Domain predicts further house price growth in the largest capital cities in 2017.