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Sydney Auction Clearance Rises to 60% as Listings Halve
Sydney's auction clearance rate rose to 60.0% on halved listings as the NRL Grand Final weekend kept sellers away; median auction house price fell to A$1,615,000.
Why it matters
Sydney's weekly auction clearance rate climbed back to 60.0% for the week ending Saturday, October 3, up from 56.2% the previous week — but only because far fewer homes went under the hammer. Just 521 properties were listed, roughly half the previous week's 1,029, as the NRL Grand Final weekend and school holidays kept sellers away. The median price of houses sold at auction fell to A$1,615,000.
Full report
Data from My Housing Market, published by propertyupdate.com.au on October 3, show houses cleared at 59.7% (178 sold) while units did slightly better at 64.3% (93 sold, median A$921,000). The North West recorded the strongest regional result at 75.0%, followed by the Lower North Shore at 73.9% and the Inner West at 70.3%; the Central Coast was weakest at 28.6%.
The median auction house price of A$1,615,000 was down from A$1,840,000 a week earlier and 8.7% lower than the A$1,768,000 recorded in the same week last year, when the clearance rate was a far stronger 77.4%.
The report says buyer and seller confidence remains under pressure after the Reserve Bank of Australia announced an official interest rate rise this week, with the bank signalling that further rises are possible. Data provider Cotality separately reported Sydney's final clearance rate the prior week at just 48.4% across 774 auctions, and expects holiday-thinned listings to keep volumes low again this weekend.
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