Sydney’s auction market has ended 2019 strongly, with the last major weekend of sales delivering a preliminary clearance rate of 76 per cent.
The results were recorded after 757 auctions and 469 reported results.
AMP Capital chief economist Shane Oliver said the number of sales and the clearance rate were almost double those of December 2018 during the market downturn.
“The results will be revised down a little, but they are still pretty solid results,” Dr Oliver said.
“Whichever way you look at it, clearance rates have held up and the spring selling season proved [buyer] demand has held up,” he said.
While the outlook for the start of 2020 was good, the real test for Sydney would be later in the year with the possibility of rising unemployment and a review of lending standards possibly having an impact.
“It looks like the market has a good head of steam built up for the first three months [of 2020],” Dr Oliver said.
The weekend had some big results as buyers looked to sign contracts before the Christmas break.
One of the biggest reported results was an immaculate five-bedroom property at 7 Wyoming Road, Dural.
The home on 2.02 hectares of land sold for $5.08 million under the hammer, making it the biggest sale price in the suburb for 2019, Lumby Hampson’s Will Hampson said.
Four registered bidders battled it out, as an opening bid of $4.3 million set the scene.
In the end, two bidders kept the price rising, with a family bidding an extra $30,000 to win the keys.
“They are very happy with the purchase, and are planning to make some changes to the home so are speaking with an architect,” Mr Hampson said.