Sydney market reaches astonishing heights

The scale of Sydney’s property boom was highlighted when the city posted its second record clearance rate in less than a month.

Sydney enjoyed a clearance rate of 88.2 per cent at the weekend, according to APM PriceFinder.

That compared to the previous weekend’s result of 86.8 per cent, and the previous record of 87.5 per cent, which was set at the end of March.

There were 552 sales over the weekend, an increase of 32.4 per cent on the weekend before.

The median price for house sales climbed 2.6 per cent to $1.2 million, while the median price for unit sales climbed 4.2 per cent to $761,000.

Melbourne’s clearance rate rose from 75.4 per cent to 82.0 per cent, while sales jumped 85.9 per cent to 736.

The median house price rose 11.6 per cent to $815,000, while the median unit price rose 1.9 per cent to $527,000.

Brisbane’s clearance rate grew from 46.4 per cent to 47.9 per cent, although sales fell 11.5 per cent to 23 and house prices fell 48.1 per cent to $810,000.

Adelaide recorded a trio of declines – the clearance rate fell from 68.9 per cent to 60.0 per cent, sales fell 51.6 per cent to 15 and house prices fell 1.7 per cent to $508,000.

[Related: Rule changes ‘would pull the rug’ from Sydney market]

promoted stories

REB Events