The Sydney housing market has commenced the spring selling season strongly by recording its highest weekend auction clearance rate for the first Saturday in September since 2013.
Sydney recorded a booming clearance rate of 83.9% which was well ahead of last weekend’s 78.6% and significantly higher than the same weekend last year’s 58.6%.
After four consecutive weekends of increases, Sydney listing numbers were lower on Saturday, down to 444 compared to the previous weekend’s 485 and lower than the same weekend last year’s 535.
Sydney’s recorded a median auction price of $1,200,000 at the weekend which was lower than the previous weekend $1,250,000 and the same weekend last year’s 1,298,000.
Outstanding regional performances at the weekend were led by Canterbury Bankstown with a 100% clearance rate, followed by the City and East 93.5%, the Upper North Shore 93.2% and the South West 90.5%
Although indicating recently that more rate cuts are to come, the RBA decided to leave rates on hold over September perhaps – as is their nature – reflecting growing concerns over Sydney’s resurgent housing market.