Over the last weekend of January, as previously reported, Sydney did not see as many auctions as Melbourne. Melbourne had 98 properties auctioned and ended up with a clearance rate of 74 percent according to Domain while Sydney only saw 46 properties going into auction, which is only about half the number of properties that went under the hammer a year ago. It was too early to conclude that Sydney's auction market was slumping.
It was indeed too early to draw conclusion. Sydney's auction market is back on its game. According to a more recent report in Domain, Sydney's auction market reach its highest clearance last weekend. The result may be less than 82.5 percent that was recorded over the same weekend last year but the 72.5 percent clearance rate last weekend is a big leap from the previous 43.3 percent.
Unlike the previous weeks, 215 auctions were listed in Sydney and it is still lower than the 303 properties listed over the same weekend a year ago. Furthermore, Sydney saw average auction price of $991,000 last Saturday and surprisingly it is 14.5 percent higher than the average auction price of $865,380 over the same weekend last year. According to Domain, the most expensive property that went under the hammer was the four-bedroom home at 134 Lagoon Street, Narrabeen for $2.65 million by Domain Residential and the lowest auction was the one-bedroom unit at 118/89-95 The Entrance Road for $70,500 by First National The Entrance.
This means that Sydney's auction market is buoyant despite current economic and real estate market challenges such as declining property prices. Next weekend will be another test for Sydney's auction market. According to Domain, 350 auctions will be conducted which. It may be more than last weekends listed auctions but still lower than the 453 auctions listed over the same weekend last year.
