Bannockburn Rd Pymble

Sydney Auction Results October 20th, 2018

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Withdrawn: 105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.

Top 5 Sydney Auction Sales:

19 Bannockburn Rd Pymble

19 Bannockburn Rd Pymble

43 Spruson St, Neutral Bay

43 Spruson St, Neutral Bay

64a Milray Ave, Wollstonecraft

64a Milray Ave, Wollstonecraft

5 Fourth Ave, Willoughby East

5 Fourth Ave, Willoughby East

44 Woodlands Rd, Taren Point

44 Woodlands Rd, Taren Point

 

We’re here to help if you’d like assistance navigating this turbulent yet opportunity filled property market.

Until next week.

Bernadette

Bernadette Brennan is the Principal and founder of Premier Home Finders, a specialist real estate buyers agent located on Sydney's lower north shore.