Paying 18% over auction estimates: Sydney's pre-spring price spurt

The intensity of the Sydney auction property market appears to be strong in early August auctions.

Last week Property Observer published a survey of 30 recent auctions suggesting there was a 12% gap between price estimate and knock down sale price.

We'll be checking the auction temperature on a weekly basis as we head into spring.

The randomly selected 10 results showed a range in above estimate sale prices of between 5% and 37%.

There was an 18% above estimate sale price.

The highest result was actually not disclosed, but we can advise it was $1.1 million, some $300,000 above the $800,000 pre-auction price estimate. 

• 51 Burgess Street BEVERLEY PARK  Over $800,000 SOLD AT $1.1 million
• 110B/144 Dunning Avenue ROSEBERY Over $700,000 SOLD AT $825,000
• 21 Avenel Road GYMEA BAY Over $770,000 SOLD $820,000
• 9 Oswald Street  RANDWICK Over $1,050,000 SOLD $1.33 million
• 13 Henry Lawson Drive Peakhurst Over $800,000 SOLD $1,052,000
• 15/176 Russell Avenue DOLLS POINT Over $490,000 SOLD $600,000
• 15 Pemell Street NEWTOWN $950,000 SOLD $1.105 million
• 14/16 Abbott Street  COOGEE Over $720,000 SOLD $838,000
• 49 Caldarra Avenue ENGADINE Over $690,000 SOLD $765,000
• 28a Rosemead Road, HORNSBY NSW Over $1.4 million SOLD $1.7 million