21 Nov Sydney Property Auction Results Saturday 19th November 2016
Sydney Property Market Analysis 2016
| Property snapshot | |
| Listed auctions: | 768 |
| Reported auctions: | 510 |
| Sold: | 430 |
| Withdrawn: | 31 |
| Cleared: | 79% |
| Total sales: | $448,653,138 |
| Median: | $1,221,500 |
| Source: | Australian Property Monitors |
Sydney property continued to perform strongly at the weekend’s auctions although the median price dropped for the second week in a row and the auction clearance rate dropped from from 80% to 79%. It will be interesting to see what happens at the property auctions this Saturday to see if this continues and a trend is developing.
Another trend we are seeing is that while properties are often listed for auction, it is very commonplace for them to sell prior to auction. For example, of the five properties listed for auction in Mosman, only 1 Burton St, Mosman actually went to auction and it sold for $5,770,000 – the rest sold prior. This close to Christmas, it is going to be very compelling for agents and sellers to take a good offer rather than take their chances at auction and risk the property sitting unsold and getting stale over the Christmas / New Year period.