Abbotsford tops weekend auctions with $4.155 million riverfront sale
Sydney vendors notched up almost a 70% clearance rate from 200 weekend auctions results. The weekend auction clearance rate of 69.7% was nearly 20 percentage points higher than last year's June holiday weekend result.
There were 245 scheduled so a few yet to be included - and a little down on recent activity because of the long weekend.
Canterbury Bankstown and Sydney's south had clearance rates of 86% and 80% respectively. The average price in s Pagewood was $683,000 and $743,000 in the south.
Australian Property Monitors says there are more than 400 auctions for the next two Saturdays.
(Melbourne bounces back to 700 plus auctions after just 150 this weekend with a 66% success rate.)
The big Sydney weekend sale was an Abbotsford offering - a modest four bedroom, three level riverfront that last sold sold more than four decades ago. Back in 1969 it sold for $28,250.
Fetching $4,155 million on the weekend through Sahar Tanner and Peter Shield at McGrath Estate Agents, it was marketed as one of a few remaining original homes in a prestige enclave.
Occupying a 750 square metre street-to-deep waterfront landholding, it came with pool, jetty, pontoon, boat ramp and lock-up boat shed. At $450,000 above reserve given six bidders battled for 47 Abbotsford Parade, Abbotsford.
All looking out over Hen And Chicken Bay.
That name dates back to 1788 when Captain John Hunter of the Sirius led a boating search party up the river, but just why the enduring name Hen & Chicken was given to the bay is unclear.
Its price appreciation reflects 12% annual growth over the 43 years. Abbotsford has recorded three higher sales.
Dr Andrew Wilson, the senior economist for the Fairfax-owned Australian Property Monitors, says the prospects remain strong for increased buyer activity in Sydney's usually quieter winter home auction market following the most active autumn in three years and despite the Reserve Bank leaving interest rates on hold this month.