Badgerys Creek bonanza showing up at auction as Sydney auctions hover at 89%
Sydney's clearance rate has remained above 80% for 13 consecutive Saturdays, excluding Easter.
It was at 89.2% today, on initial results, up a tweak on last weekend's initial 89.1%, according to APM.
It was a new high, but it needs to be noted revised results actually put last weekend at 86.5%, a not unexpected reduction that comes with tardy late results from agents who don't like to advise auction failures especially in the current boom markets.
The median auction sale price was $1.25 million for houses and $785,000 for units, with $486 million in sales secured.
The inner west hosted the most number of auctions with 109, followed by the south with 98.
Blacktown, Earlwood and Wollstonecraft hosted the most number of auctions of any Sydney suburbs this weekend with 10 each.
Overall auction numbers however are slightly down this year with 8258 listings compared to 8400 over the same period last year, Dr Andrew Wilson Domain Group APM's senior economist noted.
A Badgerys Creek two hectare offering at 211-217 Martin Road fetched $2.64 million today.
The two hectares of land included two houses in the vicinity of the proposed second airport.
Investors paid $2.64 million (below) through selling agent Mark Bargallie of United Residential & Prestige.
After it was promoted by Rocky Bartolotto at Auction Services as selling at "an incredible $590,000 over reserve price," social media debate followed with property commentator Edwin Almeida suggesting the sale figure suggested "the agent didn't know the value of the land to start of with."
Property Observer has sought agent comment, but it would appear the comments are a little unfair given the tightly held, dynamic market. Perhaps the auctioneer needn't have made such a big issue of the result.
CoreLogic RP Data shows the last Martin Road, Badgerys Creek sale of a two hectare block was at $1.35 million in 2013 and there was a four hectare holding that fetched $1.32 million in 2012.
There has only been the one recorded sale in the past year which was $910,000 for two hectares on Lawson Road.
The top sale was Clenalla, a 1920s house (above) on level 999 square metre parcel at Wollstonecraft. McGrath agents Annika and Aaron Bongiorno had given $4 million plus price guidance on the house which last traded for $1,322,000 in 1990.
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