Sydney auctions kick off 2020 with 80 percent success rate

Sydney auctions kick off 2020 with 80 percent success rate
Staff reporterDecember 7, 2020

Capital city auctions kicked off strongly over the weekend after the extended holiday season break.

Sydney's success rate sat at 80 percent, with Melbourne close behind on 75 percent.

Volumes were higher across all markets with the exception of Adelaide where the number of auctions held was lower, and Canberra where activity remained steady, CoreLogic said.

Sydney was the busiest auction market with 428 auctions.

There were 401 Melbourne homes taken to auction.

Kevin Brogan, at Core­Logic, is tipping continued price growth after clearance rates and home values picked towards the end of 2019.

The weekend results suggest that knocks to consumer confidence from bushfires and the coronavirus crisis are not impacting the residential auction market.

There were 205 Sydney results captured with 165 sold, according to CoreLogic.

There were 246 Melbourne results captured with 185 sold.

The highest confirmed residential sale in Sydney was 5 Trouve Street, Lane Cove, a four bedroom, two bathroom house which sold for $3,165,000 through Belle.

The 530 sqm building block cost $892,000 in 2008.

There was a $3.35 million pre-auction sale of 14 Bennett Street, Curl Curl through McGrath.

The five bedroom, three bathroom house, built in 2012, came with initial $2.9 million price guidance.

There were more expensive listings in Mosman and Northbridge that failed to find buyers.

Sydney auction numbers will increase again next weekend with over 500 homes set to go under the hammer.

Cooley Auctions auctioneer Damien Cooley told Domain the average number of Sydney auction registered bidders was six, well up on last year.

The highest known number of bidders was at Wentworthville, in Sydney’s west, where Ray White Parramatta agents and brothers Amit and Ritesh Nayak attracted 43 registered bidders to 53 Dorothy Street, a four bedroom home that sold for $1.460 million under the hammer. 

"The Sydney weekend auction hasn’t missed a beat roaring into 2020 with yet another boomtime auction clearance rate - taking off where it left off in 2019," Dr Andrew Wilson from My Housing Market.

Capital city auction activity ramped up with 1,122 homes taken to auction over the week, with volumes almost doubling on last week’s 625 auctions.

The higher volumes over the week returned a national preliminary auction clearance rate just short of 70 percent.

"As the remaining results are collected the final clearance rate is expected to revise lower, however it’s likely to come in higher than last weeks’ final clearance rate of 61 percent," Brogan advised.

"Comparing results to one year ago, when housing values were falling and auction markets were much weaker, both volumes and clearance rate are now higher," Brogan said. 

This time last year saw 928 capital city homes auctioned with just over half sold.

Domain advised there was a $1,150,000 Sydney median auction sale.

It was $800,000 in Canberra; $760,000 in Melbourne and $695,500 in Adelaide.

The highest advised residential sale in Melbourne was 80 Ross Street, Port Melbourne, a church ready for residential conversion on a 350 sqm holding which sold for $2,190,000 through Greg Hocking Holdsworth.

The price guidance had been $1.85 million to $1.95 million.

Melbourne had the cheapest sale among the capitals with $310,000 paid for 4/58 Sharps Road, Tullamarine through Stockdale & Leggo.

It last sold at $262,500 in 2015.

The price guide had been $289,000 to $309,000.

Melbourne auction numbers will continue to rise with well over 600 homes set to be auctioned next weekend.

There was a 77 success rate at auction in Canberra, the second highest preliminary clearance rate across all capital cities.

Only 36 percent of homes sold at auction in Brisbane.

Brisbane's sales included an original 1900s Queenslander at 23 Sixth Avenue, Windsor sold for $1.165 million through Ray White agent Alistair Macmillian. 

The vendor paid $1.02 million last May "and they did nothing to it."

Developers looked at the site but the buyers were a young couple.

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