The were staggering facts displayed on the biggest Sydney auction day of the year where it almost seems that demand has picked up along with the supply as a median price of $1,420,000 was archived with an overall clearance rate of 80%.
This is a record as there has never been a higher median price on an auction weekend in Sydney’s history & since Sydney is the most expensive market in the country it would be safe to assume that it is the highest ever recorded median price of any auction weekend ever in Australia’s history.
This is absolutely astonishing when you take into account it includes the Blue Mountains, Central Coast, Sydney’s far South-West & the Illawarra region.
To give you an idea of just how expensive $1,420,000 is to the average buyer, at a standard variable rate of 5% on a 100% LVR mortgage for 30 years, the repayments come to a massive $7,622 per month. Considering the average wage is around $80,000 in Sydney, this represents 114.33% of the gross salary that will be needed just to service the loan.
By these numbers, it is quite clear the average Sydney resident will be renting or will need the help from the bank of mum-and-dad as well as having the help from the spouse just to keep a roof over their heads.
Sydney is truly becoming a playground for the rich only.