Sydney weekend auction results remain strong

Sydney weekend auction results remain strong
Staff reporterDecember 7, 2020

The Melbourne auction market had a weekend off, while Sydney saw its busiest Saturday so far this year.

There was a significant drop in the auctions volume across the combined capital cities, with 1,262 homes taken to auction, down on the 1,983 auctions held in the prior week.

The overall lower activity was mostly attributable to the drop in activity across Melbourne given the AFL grand final long weekend.

The Sydney auction market had its busiest weekend for auctions since November last year, with 939 homes taken to market over the week.

There were 719 Saturday auctions, with 558 results captured and 442 sold.

Sydney weekend auction results remain strong

It reflected a preliminary clearance rate for Saturday of 79 percent - which was slightly higher than the prior weekend, suggesting demand was keeping up with supply.

Last year, 608 Sydney homes were auctioned when a much lower 43 per cent sold, Kevin Brogan the CoreLogic auction analyst noted.

Saturday's highest result in Sydney was when seven registered bidders sought the five-bedroom, three-bathroom offering on Cherry Street, Warrawee (pictured main).

It fetched $5.35 million when sold to a local family whose son attended nearby Knox Grammar.

Sydney's cheapest was $290,000 at Greenwich for a studio unit within a 1965 apartment complex (below).

Sydney weekend auction results remain strong

The unit, at 303/284 Pacific Highway, had 26 sq m of open plan space with a kitchenette.

There was a covered car space on title. The flat previously sold in mid-2005 for $160,000.

It has been rented out to tenants since, with a most recent advertised price of $335 per week.

It was sold by Better Homes and Gardens Real Estate agents Justine Collins and Lloyd Allen.

Melbourne saw a significant drop in volumes with only 103 homes taken to auction, down from the week prior when 1,020 Melbourne homes were taken to auction.

The lower volumes returned a preliminary auction clearance rate of 82.5 percent, coming in higher than last week’s final clearance rate of 75.6 per cent and last year’s 57.7per cent when there were the 70 auctions.

First home buyers secured the four bedroom, two bathroom offering at 382 Dandelion Drive, Rowville (below).

Sydney weekend auction results remain strong

The Ray White marketing suggested the home needed TLC, with keen renovators bidding after the initial bid of $480,000.

There were five bidders for the house which was called on the market at $620,000.

A young couple paid $760,000.

Across the smaller auction markets, auction volumes were lower week-on-week across all cities.

The best performing in terms of clearance rates was Adelaide with 62 per cent of auctions returning a successful result, Canberra followed with a 58 per cent preliminary auction clearance rate.

There was a 50 percent success rate in Brisbane where the top sale was a four-bedroom, two-bathroom house at New Farm, in Brisbane’s inner north (below).

Sydney weekend auction results remain strong

The Queenslander at 77 Langshaw Street attracted six registered bidders when sold for $2,195,000.

It last sold in 1988 at $205,000.

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