Sydney prestige down again as listings rise

The Sydney prestige home auction market weakened again last week as higher numbers of listings tested the market.

Sydney reported a prestige property auction clearance rate of 71.7 per cent last week which although below the previous week’s 74.1 per cent but remained just ahead of the 70.4 percent recorded over the same period last year.

99 prestige property auctions were reported in Sydney last week which was significantly higher than the previous week’s 81 auctions and also higher than the 81 reported over the same week last year.

Sydney’s prestige home auction market accounted for 16.9 per cent of total auction activity reported last week which was higher than the 13.7 percent recorded the previous week just ahead of the 16.0 per cent recorded over the same week last year.

The Sydney prestige auction market recorded a median sale price of $2,810,000 last week which was higher than the previous week’s $2,745,000 result and 17.8 per cent lower than the $2,385,000 reported over the same week last year.

The top performing Sydney prestige auction market suburbs by sales volume over the past four weeks with 100 per cent clearance rates have been Strathfield with a median at $2,700,000 followed by  Coogee $3,350,000, North Bondi $2,670,000, Bondi $3,000,000, Longueville $6,067,000 and Bronte $2,950,000.

Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket