Stellar 88% weekend Sydney auction success rate ensures sales from A to Z

Stellar 88% weekend Sydney auction success rate ensures sales from A to Z
Jonathan ChancellorDecember 7, 2020

Sydney's auction market scaled new heights on Saturday to a record clearance rate of 88.2 per cent.

The current boom was responsible for the previous record when a month ago an initial 87.5 per cent clearance was notched from a record number of listings.

There were 737 auctions scheduled this weekend, with the initial results by Australian Property Monitors including 626 results.

Briggs Auction Services secured 10 from 10 sales with the highlight 18 Highgate Street, Strathfield selling for $4,420,000 with 25 registrations.

It was the weekend's highest sale, having last sold in 1992 at $1,046,000.

The price six-bedroom estate which sold through Strathfield Partners included a tennis court, pool and granny flat on its 1483 square metre offering.

CoreLogic RP Data records show it languished on the market unsold from mid-2011 to mid-2014.

Cooley Auctions achieved a "very strong clearance of 94%, when the team sold 49 of 52," auctioneer Damien Cooley advised Property Observer with highlights including 33 Parer Street, Maroubra at $1.460 million. Some 13 registered bidders took it well beyond the $1 million paid in March 2013.

Sydney vendors pocketed a $1.18 median house price and a $760,000 median apartment price.

There were sales from A to Z across Sydney.

This Annandale house (below) fetched $1.81 million through Julie Hatch at Cobden & Hayson. Cooley Auctions took 35 bidder registrations.

It is a three bedroom renovated terrace at 213 Johnston Street. It sold at at $602,000 in 2004.

213 Johnston Street, Annandale

At Zetland $828,000 was paid through EE Real Estate agent Ken Lin for 69/22 Gadigal Avenue.

69/22 Gadigal Avenue, Zetland

It was a 12th floor, two bedroom apartment (above) in the Elite complex. It had 88 square metre internal space, plus 12 square eyre balcony, plus car space and storage.

Huge crowds are flocking to weekend auctions with Auction Services opting around 150 attended their auction of 14 Cobham Avenue, Melrose Park that sold for $1,410,000, some $210,000 over reserve after the opening bid of $1 million through Michael Green at Green Real Estate Agency.  Auctioneer Rob Trovato said there were four bidders, slightly below their regular number.

"It has increased week to week and year to year, totalling nine per property on the weekend (up 1 week to week and up 2 to 3 from April 2014)," he said.

Last weekend's initial 86.8% success rate was revised down to 83.6% after late results were supplied to APM.

Other than the subdued Easter weekend, the Sydney auction clearance rate has remained above 80% - both initial and revised results - since the 2015 auction season began in early February 2015.

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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