Gap above Sydney auction price guidance rebounds to 18%

Gap above Sydney auction price guidance rebounds to 18%
Gap above Sydney auction price guidance rebounds to 18%
An analysis of auction offerings across Sydney on the weekend indicated that there was an 18% gap between the price guidance and the eventual sale price.
 
The 12 sales ranged from two results which were 8% over the price guide to three sales that fetched 30% or higher than the initial price guidance.
 
During the prior weekend the Property Observer analysis reflected an 11% gap, and then in early August there was an 18% gap.

Address

Suburb

State

Price Guide

193 Eastern Valley Way

MIDDLE COVE

NSW

Over $1,050,000 SOLD $1.277m

11/24 Moodie Street

CAMMERAY

NSW

Over $480,000 SOLD $540,000

3 Stephen Road

ENGADINE

NSW

Over $700,000 SOLD $760,000

12 Hawksview Street

GUILDFORD

NSW

Over $570,000 SOLD $743,000

6/51 Birriga Road

Bellevue Hill

NSW

Over $600,000 SOLD $660,000

3/281A Edgecliff Road

WOOLLAHRA

NSW

Over $725,000 SOLD $823,000

7/58 Kareela Road

Cremorne POINT

NSW

Over $780,000 SOLD $955,000

97 Letitia Street

OATLEY

NSW

Over $1,250,000 SOLD $1.66m

8/25 Harriette Street

Neutral Bay

NSW

Over $700,000 SOLD $825,000

4 Halstead Street

SOUTH HURSTVILLE

NSW

Over $850,000 SOLD $920,000

24 Campbell Parade

MANLY VALE

NSW

Over $1,055,000 SOLD $1.387m

8 & 10 Douglass Estate

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.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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