Surry Hills $330,000 studio the cheapest as Sydney soars to 87.5% record auction success rate

The weekend's cheapest sale in Sydney was a 23 square metre Surry Hills studio apartment. The dearest at Sans Souci at $6.5 million.

The median Sydney house price was at $1.26 million and the median apartment price sold at $755,000.

These were two results among the record 87.5% election day auction success rate as Sydney’s supercharged housing market was on the brink of breaking the all-time record listings.

It has been eight weeks now above 80%, probably the hottest auction market since Sydney held its first auctions in the colonial 1800s.

Around 1128 homes were scheduled to go under the hammer with the results in accounting for 872 offerings.

Final numbers are likely to break the previous record of 1111 recorded on the same pre-Easter Saturday last year.

Maroubra was the most popular Sydney suburb for auctions with 17, which included 45/77 Broome Street at $822,500. The price guide had been $725,000 plus.

Randwick had 15, Pymble and Mosman each with 14 and Redfern, Hornsby and Strathfield each with 13 auctions scheduled.

Cooley Auctions secured two Randwick sales - at $780,000 and $1.2 million - and two Redfern sales - at $915,000 and $1.2 million.

Cooley Auctions had 129 properties selling 107, in what auctioneer Damien Cooley described as the strongest market he have seen in his 15 years in real estate.

The auction of 9 Shadforth St, Mosman saw a $1.82 million with auctioneer Robert Klaric, from Auction Services, knocking it down for Chris Dale First National North Sydney who had the five registered bidders.

The upper north shore hosted the most auctions this weekend with 166 closely followed by the city and east with 163 and the inner west with 161. The south has 153 auctions listed with the lower north the next highest with 113, Canterbury Bankstown 85, the west 77, northern beaches 74, the south west 55, the north west 35 and the central coast with 27.

"Auction numbers have been rising this year as the market enters its third year of boom-time conditions," APM senior economist Dr Andrew Wilson said.

After the auctions he tweeted: "Incredible result from amazing market."

He has previously noted the February cut in official interest rates – the first move in rates since August 2013 – had improved confidence with rising buyer activity being reported in most capital city markets."

Last weekend Sydney hosted 715 home auctions which was higher than the 682 listed over the same weekend last year. Last weekend’s initial record result of 86.1%was adjusted down to 84.3%, according to the latest APM results.

The Surry Hills apartment pictured above sold pre-auction to an investor through Oz Combined Realty agent Peter Ozerskis, who suggested its rental return could be around $420 per week as a permanent rental or $650 plus as a casual executive rental. He said it was 23 square metres, plus a four square metre storage space.

The ground floor unit had strata levies of $773 per quarter; council rates of $242 per quarter and water rates of $180 per quarter.

The weekend's highest sale notification was $6.5 million through McGrath of 73 Vista Street, a 2,121 square metre waterfront estate at Sans Souci with views across Kogarah Bay and the Georges River.

The property (below) with 34 metre waterfrontage level lawns had been tightly-held by the same family since 1942.