But while the vibrant seasonal jacaranda display falls to the ground, indicating the Christmas break is nigh, there has been continued strength in auction outcomes.
CoreLogic advised four of Sydney’s 15 regions returned preliminary clearance rates last weekend of 90 per cent or over.
They were the Northern Beaches, Ryde and North Sydney and Hornsby.
Baulkham Hills and Hawkesbury returned the lowest preliminary clearance rate at 58 per cent, which is where the overall end of spring market sits in normal years.
There were 930 homes taken to auction across Sydney last week making it the second busiest auction week of the year for the city, just behind the pre-Easter ramp up.
The CoreLogic preliminary results showed an overall 81 per cent clearance rate, with not much difference between houses and apartments in attracting buyers.
The clearance rate will likely revise around the mid-70s once late results are included.
The previous week saw a final clearance rate of 74 per cent across 843 auctions.
One year ago, 844 auctions were held across Sydney returning a final clearance rate of just 42 per cent.
Back in 2017, as the boom was dissipating there were over 1000 Sydney auctions, one of the few and far so-called Super Saturdays.
The latest auctions results have triggered a $1.4 million house median and a $920,000 apartment median.
Auctions offerings are always pricier than private treaty listings.
CoreLogic recently put the overall Sydney median at $918,000 for houses and units at $720,000.
Sydney house values are up 5.3 per cent since the recent May low, and apartments up 4.2 per cent.
According to CoreLogic research director Tim Lawless, the strong rebound in Sydney can be attributed to a blend of factors; tighter labour market conditions and stronger population growth relative to the other capitals, coupled with the stimulatory effect of the lowest mortgage rates since the 1950s, and improved access to credit.
Stamp duty exemptions for first- home buyers purchasing under specific price points have added additional stimulus to housing demand, Lawless said.
The lack of fresh supply is also contributing to the turnaround, as vendors have still been hesitant to come to market.
The latest CoreLogic tally has listings down by 10 per cent on the same time last year.
There have been 7200 fresh offerings across Sydney in the past 28 days, compared to the 8000 fresh offerings that came to market this time last year. There had been 8600 fresh offerings in mid-November 2017.
The current total Sydney listings, fresh and lingering, sits at 24,000, compared to 31,000 this time last spring.
There is emerging improved sentiment, according to the latest report by ME Bank.
The report, which surveyed 1000 Australians in the property market, found 42 per cent of participants said they felt good about the current market, which was up nine percentage points from last quarter.
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