Sydney's $1.1 billion pre-Easter Super Saturday offering - backyard Paddo dunny thrown in

Sydney's $1.1 billion pre-Easter Super Saturday offering - backyard Paddo dunny thrown in
Sydney's $1.1 billion pre-Easter Super Saturday offering - backyard Paddo dunny thrown in

There is an estimated $1.1 billion in property available for purchase this weekend across Sydney. And it includes one of the last Paddington unrenovated terraces with backyard dunny (pictured above).

It's among the record offering of 1,107 houses and units up for auction across Sydney this weekend with a potential $935 million in houses available for purchase and $175 million in apartment stock going under the hammer.

There are 1,261 offerings in Melbourne, with an $870 million worth of stock with around $640 million in houses set to be offered under the hammer and $230 million worth of apartments.

The Saturday before Easter weekend is traditionally a big weekend for auctions, ahead of the quieter winter hibernation.

This year carried the spring 2013 momentum, and the later Easter on the calendar allowed the chance for more vendors to join the listings rush.

Australian Property Monitors research assistant Neil Tan has advised that this weekend's 1,107 Sydney offerings is some 196% higher than the same weekend last year. And Melbourne's tally is 142% up.

The last Sydney record auction bonanza was the 970 offering on 14 December in the lead up to Christmas 2013 when $584 million in sales came based on a $900,000 median house price and a $605,000 median unit price. There was another $584 million in sales secured on the 22 February weekend based on a $1.08 million house median and a $720,000 unit median sale price.

So it will the busiest Sydney Saturday on record, with official records being compiled since Australian Property Monitors started keeping the data in the late 1980s when Sydney was only just beginning to take a shine to onsite auction with the lead from the trend setter Andrew Gibbons agency.

The long mooted possibility that Sydney would break the 1,000 auction barrier for the first time occurs at a time when auction clearance rates sits at historically high levels on the back of buyer demand.

The initial Saturday figures from APM have been running at 80% for 10 consecutive weeks, but increasingly revised down to around 75% after final results have been tallied. This week at a mid-week auction a 53% auction clearance rate was secured at Double Bay, suggesting the deterioration might be setting in.

Melbourne's 1,261 auctions this saturday will be its fourth weekend above 1,000 this year, so that total is no news for them.

Indeed late last year Melbourne had three consecutive weekends with auction numbers over 1,300 from 30 November to 14 December. And Melbourne has also been showing signs of auction success rate weakness the further into autumn the weekends went.

So while a 100% success rate simply won't happen, the weekend $1.1 billion tally is huge based just on the offering. It is based on the median weekend house price last weekend which was $1.1 million in Sydney and the median Sydney auction unit price which was $700,000. These weekly auction medians have been ratcheting up, as witnessed in the figures given above for December and February super Saturday results.

Of course the auction offerings always reflect a much higher price than the typical $765,000 median for houses and the $540,000 median for typical units.

This weekend there are about 250 units and 850 houses for scheduled Sydney auction.

This weekend there are about 450 units and 810 houses for scheduled Melbourne auction.

Melbourne's median last weekend for house prices was $790,000 and the median unit price was $510,000.

And again, that's much higher than the typical $568,000 Melbourne median for houses and the median for typical $420,000 Melbourne units.

Listing agent Susie Peica and Dean Jarman of Ray White Paddington gave initial around $1 million price expectations for 54 Underwood Street which has been listed for auction this weekend.

It is an 1885 weatherboard terrace on an 185 square metre holding. The agents are now saying $950,000 plus after a bit of buyer feedback.

According to RP Data, the median house price for Paddington sits at a record $1.52 million.

Tags: 
Auctions Sydney Paddington

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