Sydney Property Auction Results Saturday 22nd October 2016

Sydney Property Market Analysis 2016

Property snapshot
Listed auctions: 628
Reported auctions: 482
Sold: 434
Withdrawn: 32
Cleared: 84%
Total sales: $467,592,700
Median: $1,210,000
Source: Australian Property Monitors

 

Sydney auctions had another strong week with an 84% clearance rate. The median price was down slightly from the prior week from $1,222,500 to $1,210,000. Surprisingly we have not seen the influx of properties to the market that we were expecting in spring, and it is this lack of stock that is keeping auction clearance rates strong.

Lane Cove and Lane Cove North have bucked the trend of a lean spring and had a total of twelve properties up for auction on Saturday 22nd October – 4 in Lane Cove and 8 in Lane Cove North. Two of the properties in Lane Cove North did not sell – 27/62 Gordon Crescent, a 2 bedroom unit which passed in at $705,000 and is now for sale for $700,000 and 33 Murray St, a 4 bedroom house which passed in on a vendor bid of $2.4m and is now for sale with the price guide upon request.  In addition, there are 89 properties currently advertised for sale in Lane Cove and Lane Cove North. For those buyers looking in the Lane Cove area, the extra properties on the market compared to other Sydney suburbs may ease some of the upward pricing pressure.

Vaucluse had the highest disclosed price of the week with a home on The Crescent selling at auction for $7.5m.