Sydney Real Estate: Auction clearance rates for the week ending Saturday July 18, 2009 were 75% in Sydney. A total of 112 properties were sold for a total value of $70,572, 704 and the median sales price was $627,500. There were a total of 405 sales throughout all of NSW for a total value of $247,326,846.
The total sale numbers are significantly down throughout Sydney as are the total number of properties being taken to auction. Whilst it is good to see auction clearance rates above 70% we must keep perspective when looking at the Luxury end of the market which is still struggling to gain traction and volume. Most activity is still at the first home buyer end of the market (under or near $500,000 AUD).
Luxury sales in Paddington have been strong in the last week with sales at:
1. 34 Windsor Street $2.32 million AUD
2. 267 Glenmore Road $1.8 million AUD
3. 25 Heeley Street $1.395 million AUD
Sydney’s Eastern suburbs have recorded some good sales in 2009 with Point Piper recording its highest sale of $6.525 million AUD for the property at 7a Wentworth Street in May and Rose Bay recording a top sale of $7 million AUD at 2/614 New South Head Road in March. Darling Point’s top sale this year was at 3a Carthona Avenue in April for $6.15 million AUD. The top sale in Vaucluse has been recorded at 29 New South Head Road in February for $12.9 million AUD.
I will examine Sydney’s real estate hotspots and highlight some great buying opportunities in next week’s report.