Sydney weekend Housing auction Market bleak (real estate website Realestate photo)
Unlike the usual reverberation of the auction hammer, Sydney`s weekend was littered with silence, selling less than half the number of homes sold in the previous two years.
Sydney yesterday had a planned auction of 473 homes, down nearly 250 from the same period last year and about 500 fewer than in 2017, according to property website Realestate.
The move comes after a marked slowdown in Sydney`s housing market in February. CoreLogic, a property market research firm, reported that the number of listings at auction in Sydney fell by nearly 1000 units in February, compared with the long-term average of previous years.
Sydney CBD more than 15 kilometers west of the area, property market activity is the worst decline. Many urban areas sold as many as 20 homes a week a few years ago, and now there are less than five auctions a week.
The number of home auctions in Sydney fell nearly 40 percent in February from a year earlier, with the average trading price falling to A $1.07 million from A $1.3 million, according to Cooley Auctions.
Sydney`s northern beach hub, Manley (Manly), sold just three homes yesterday, Bharama hit the new town of (Newtown) and Ryder (Ryde) with only two, while Liverpool (Liverpool), Penris (Penrith) and Feifei (Fairfield) each had just one.
Moshven (Mosman), Sydney`s most popular city last year, sold only two homes yesterday.
Auctioneer Kuli (Damien Cooley) said the number of "new" homes could even be lower than the official figures, as many of the houses to be auctioned this time are "re-listed inventory."
Christopher (Louis Christopher), head of real estate research group SQM Research, noted a similar trend in the private transfer market.
Currently, the number of private transfers has reached nearly 36,000 units, many of which date back to spring.
