Sydney auctions in 80% plus overdrive for fifth consecutive weekend
At near peak levels, Sydney managed an 83.8% weekend auction clearance rate, according to Australian Property Monitors (APM), the fifth consecutive weekend with a preliminary 80% plus outcome.
The result came from bumper stock levels of around 399 offerings, which was well up on the lowest winter weekend this year of 280 auctions on a Saturday in early July.
It's still early days on the full tally as the initial APM advisory tallied 277 results, with another 122 auction outcomes yet to be advised by the listing agents. Leading Sydney auctioneers, Cooley Auctions reported a clearance rate of 71% with the sale of 40 of their 56 auctions, suggesting a revision might be in the offing.
Sabiha, a Sandringham stunner (pictured below), with lighthouse-like tower with a 360 glass-encased view of Botany Bay, was the weekend's top reported seller at $3.2 million. Designed by architect Renaldo Gaiety, the five bedroom home sold through Raine & Horne Sans Souci.
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Blacktown in Sydney's west, the inner city Surry Hills and Balmain in the inner west all had six auctions followed by Ryde, Leichhardt, Marrickville and Bella Vista all with five offerings. APM noted three Blacktown sales, with three results unadvised.
All six Surry Hills offerings were sold with prices ranging between $525,000 for a two bedroom Goodlet Street unit to $1,525,000 for a three bedroom terrace at 42 Ridge Street which sold pre-auction. More than $450,000, then upwards to $475,000 plus was being sought for the 20/2 Goodlet Street unit in the block where the last two bedder offered sold earlier this year at $522,000. More than $1.35 million was being tipped initially for the Ridge Street offering.
All five Leichhardt results were advised with four sales priced between $770,000 for 2 Bungay Street to $850,000 for 30 Allen Street.
There were four sales among the four notified Balmain sales including 100 Curtis Road which fetched $1,435,000, up on its $1.3 million Cobden & Hayson reserve price.
"Sydney records an astonishing 83.6% (sic) clearance rate this weekend nearing all time record. How hot can this market get?," APM's senior economist Dr Andrew Wilson tweeted.
The upper north real estate market topped the weekend listings at 73 listings, according to Australian Property Monitors. Its sales included two in Cheltenham at $1.16 million and $1.17 million.
The normal Saturday hive of activity, the inner west had 66 auctions followed by Sydney’s south with 36, the west with 34 and the city and east with 33 auctions.
There was an $896,000 median house price and a $640,000 median unit price from the weekend sales.
Pre-auction sales were at very high levels including landscaper William Dangar's house at Bondi Beach which sold through the GoodyerDonnelley estate agency.
William Dangar, one of Australia’s leading landscape designers, and his wife Julia, were expecting to sell for $1.6 million plus and secured $1.7 million.
Some 49 of the notified sales - around 20% - were sold pre-auction suggesting vendors were comfortable with the offers. Over expectation prices aren't necessarily the rationale behind pre-auction results as witnessed when $630,000 was accepted pre-auction for a three bedroom Castle Hill townhouse which had been listed with $650,000 plus hopes.
Seller activity Sydney rose sharply this July compared to July last year as vendors unsurprisingly decided to take advantage of the strongest winter housing market experienced on record.
Australian Property Monitors data showed a 75.9% July success rate - the highest July ever – and the second-highest ever recorded for any month, apart from April 2002 which was 78.3%, APM senior economist Andrew Wilson noted.
Including mid-week auctions the most popular region for auction listings in Sydney over July was the city and east with 315 followed by the inner west with 270 and the upper north shore with 206, according to APM's Dr Andrew Wilson.
He noted seller activity Sydney rose sharply this July compared to July last year as vendors "unsurprisingly" decided to take advantage of the strongest winter housing market experienced on record.
Sydney July auction listings were up 16.5% over the year to 1577 compared to last July’s 1344 listings.
The biggest rise in listings came from the south, the lower north, the inner west and the northern beaches suburban regions.
The south had an increase over July of last year of 48%, with the lower north up 34%, the inner west 30% and the northern beaches up 25%.
Dr Wilson noted seller activity continues to increase with auction listings up by 32% over the first two weeks of August compared to the same period last year.
