Gap above Sydney auction price guidance rebounds to 18%
Address | Suburb | State | Price Guide |
MIDDLE COVE | NSW | Over $1,050,000 SOLD $1.277m | |
NSW | Over $480,000 SOLD $540,000 | ||
NSW | Over $700,000 SOLD $760,000 | ||
GUILDFORD | NSW | Over $570,000 SOLD $743,000 | |
NSW | Over $600,000 SOLD $660,000 | ||
WOOLLAHRA | NSW | Over $725,000 SOLD $823,000 | |
Cremorne POINT | NSW | Over $780,000 SOLD $955,000 | |
OATLEY | NSW | Over $1,250,000 SOLD $1.66m | |
NSW | Over $700,000 SOLD $825,000 | ||
SOUTH HURSTVILLE | NSW | Over $850,000 SOLD $920,000 | |
MANLY VALE | NSW | Over $1,055,000 SOLD $1.387m | |
MCCARRS CREEK | NSW | Over $925,000 SOLD $1.01m |
There was an initial Sydney weekend clearance rate of 83% from the 320 auctions reported to Domain Group's Australian Property Monitors.
There are another 120 results yet to be reported given the total of 440 auctions.
Cooley Auctions saw its highest clearance rate ever for 58 auctions when 55 auctions sold, however auctioneer Damien Cooley noted that 27 auctions sold prior.
"What’s pushing vendors to sell prior is that buyers are making strong offers before auction day," he said.
"Buyers are aware of the high clearance rates and lack of stock and are making such offers based on a fear of missing out.
"Another contributor is fear of competition. Buyers are looking for ways out of auction day to avoid competition and paying more than they’re comfortable with," Damien Cooley said.
Damien Cooley, the auctioneer said the market is incredibly strong at the moment and vendors who are looking to sell should get their property on the market as soon as possible. With less stock on the market, buyers have less choice and this is fuelling increased competition.”
Sotheby's sold the weekend's highest sale when a five-bedroom house on 697 square-metres at 73 O'Sullivan Road, Rose Bay fetched $4.39 million through Michael Pallier at Sotheby's. It previously traded at $3,075,000 in 2007.
The Rose Bay property briefly had high price hopes which were revised down to $4.5 million.
It was available for rent at $3500 a week in 2012.