Sydney early bird vendors got the auction buyers in 2011: APM

The auction clearance rate in Sydney across 2011 was 53%.

It was down from 61% in 2010 and 65% in 2009 but up 47% in 2008, according to Clinton McNabb, research analyst at Australian Property Monitors.

The clearance rate fell gradually across the year from 59% in February to a low of 49% in December.

The highest auction clearance rate was in the week ending February 12 at 63%, and the lowest week was the week ending December 10 at 47%.

There were 25,435 auction listings in 2011, down 5.4% compared with 2010.

The total value sold in 2011 was $11.26 billion, down a considerable 20% compared with 2010.

There were 12,701 properties sold at auction in 2011, some 18% fewer than the year before.

APM advised the median price for houses sold at auction was $845,000, down 2.9% year on year.

The median price for units sold at auction was $580,000, down 0.9% year on year.

Alexandria headed the suburbs with the highest auction clearance rates at 77%, followed by Ashfield 74% and Dulwich Hill.

The suburbs with the weakest auction clearance rate were Avalon 30%, Kellyville 30% and Collaroy 36%.

The inner west, inner Sydney and south west had the best-performing auction markets, while the central coast, outer-western Sydney and northern beaches were the worst performing, McNabb says.

This article first appeared on Property Observer.