24 Oct Sydney Auction Results October 20th, 2018

Posted at 10:16h in Buyers Agent by Bernadette Brennan

Sydney Property Market Auction Results – October 20th, 2018

Property snapshot
Listed auctions:	568
Reported auctions:	313
Sold:	186
Withdrawn:	105
Cleared:	44%
Total sales:	$159,097,887
Median:	$1,262,500
Source:	Australian Property Monitors

The Sydney property market experienced another tough week at auction. This week the auction clearance rate dropped to 44% from 50% the week prior. However the median price increased by $147,000 to $1,262,500, highlighting that higher priced properties sold.

The big news this week is not what sold, but rather what didn’t sell. As you can see below from this week’s top 5 sales, all 5 of the sales were in the $3m’s. This is better that some weeks when there is one high priced sale and the rest are in the $2m’s.

But what didn’t sell?

Interestingly, there were 12 houses priced in the $2m’s, a $7m+ Huntleys Point house and a $5m+ Greenwich house that didn’t sell at auction. As of the time of writing they were all still for sale. This is a lot of expensive Sydney real estate waiting for buyers.

If you’re a buyer with your financing in place and looking for a long term investment or family home, this is an excellent time to get into the Sydney property market. The combination of more properties and a limited numbers of qualified buyers creates a window of opportunity.

If you’re a seller be prepared for 1-2 interested buyers on your property versus the 5-6 buyers that were around in a more buoyant market.