The Sydney home auction market resumes this Saturday following last weekend’s pause for the Easter holiday break as latest price data confirms the booming local conditions.
Nearly 500 homes are scheduled to go under the hammer this Saturday which will be predictably well ahead of the small number conducted last weekend and also higher than the 426 listed over the same weekend last year.
Sydney’s inner west will be the most popular region for auctions on Saturday with 67 followed by the upper north shore 62, the south west 61, the south 51, the city and east 47, the west 41, the northern beaches 39, the lower north 37, Canterbury Bankstown 35, the north west 22, the central coast 20 and the blue Mountains with 2 auctions listed this weekend.
Dee Why will host the most suburban auctions this weekend with 10 followed by Ashfield 7, Yagoona and Strathfield each with 6 and a number of suburbs with 5 auctions listed including St Ives, Lane Cove, Eastwood and Newtown.
No surprise that the booming Sydney auction market with weekend clearance rates averaging above 80 per cent this year has translated into strong prices growth.
Latest Domain data reports that the Sydney median house price surged by 2.8 per cent over the March quarter to a new record high of $1,151,565. Sydney house prices have now increased by a remarkable 13.1 percent over the past year.
Sydney unit prices are also rising, up by 1.3 per cent over the March quarter to a new peak of $717,899. Unit prices have now increased by 6.1 per cent over the past year.
Sydney house and unit prices will likely continue to rise over the remainder of 2017 driven by low interest rates, strong migration, rising investors and a robust local economy.
Recent record levels of new apartment development have failed to impact Sydney unit prices and although numbers will continue to rise this year, demand clearly continues to currently track ahead of supply.
https://www.domain.com.au/news/sydney-market-resumes-after-easter-with-prices-still-rising/
article from domain.com.au by Dr Andrew Wilson