Ravenous Sydney buyers keep auctions above 80% for sixth consecutive weekend

Ravenous Sydney buyers keep auctions above 80% for sixth consecutive weekend
Jonathan ChancellorDecember 7, 2020

Sydney auctions stayed above 80% for the sixth consecutive weekend.

There was an 84% preliminary success rate at auction today, according to Australian Property Monitors.

Last weekend's revised figure was 81%.

A Kent Road, Rose Bay house (pictured above) at $6.5 million was the top notified sale amid the 525 results.

It was the first time it had been offered in 25 years when it sold through Hamish Robertson and Joe Aboud at McGrath Estate Agents.

The 22 Kent Road house had been updated by John Crawford in 1970s, then Michael Suttor in the early 1990s.

The Domain Group's senior economist Andrew Wilson described the weekend results as "Sydney's unstoppable auction market".

The Sydney market with 628 auctions scheduled was similar to the 625 conducted over the same weekend last year.

The most popular Sydney suburb for auctions this weekend is Surry Hills with 13 followed by Mosman 12, Maroubra and Epping each with 9, Drummoyne and Yagoona 7 each and Chatswood, Redfern, Baulkham Hills and Alexandria each with 6 auctions listed this weekend.

Auction listings will continue to rise with the pre-Easter Super Saturday of auctions now looming for the 28 March election day.

Well over 1,000 auctions are likely that day which might go close to challenge the all-time Saturday record of 1,111 set over the same weekend last year under threat. 

"Big auction numbers however are likely to continue to be a snack for a ravenous Sydney home buying public," Wilson suggested.

Strong weekend results included 1 Stansell Street, Gladesville which sold at $2.85 million through Paul Tassone & Ahmad Malas of Professionals Ermington

Auctioneer Rob Trovato of Auction Services saw a huge crowd of around 300 people with 28 registered bidders for the small cottage nestled between a unit block and a service station.

It had a zoning of R4 Mixed Use for its 714 square metre holding.

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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