Auction results hit new low in Sydney

Sydney's auction clearance rate hit a new record low for the year this weekend and the median price of houses sold at the weekend collapsed to the lowest recorded for the year. Of the 349 properties reported auctioned, 209 sold and 68 were withdrawn for a year-low clearance rate of 50.1 per cent.

Although auction clearance rates have fallen over the past few weeks the market is being supported by significant numbers of first-home buyers.

The outlook for next year remains positive. Sydney has reinforced its position as Australia's most resilient housing market despite a quiet year for buyer activity. Median price growth for dwellings is set to be flat for the year – still the best result of any of the capitals. Expect a modest but sustained recovery in the Sydney market next year.

Source: Sydney Morning Herald