Almost all merry among Sydney auction vendors, but keep your eyes open for Autumn opportunity

The past 86% weekend auction result – and indeed the entire start to the 2014 selling season - has been extraordinary.

The property market in Sydney has lost none of its momentum, even with the third busiest February on record.

There were 775 auctions last weekend across Sydney, according to Australian Property Monitors.

This weekend, the first of autumn, there are 680 offerings significantly higher than the 455 listed over the same weekend last year.

The inner west was last weekend's busiest region with the impressive result coming in at 90% of the 131 auctions finding buyers.

But the best result was reported in Sydney’s south at 92%.

The south west another region above 90%.

The next best was the northern beaches with 85%, the lower north 85% and the upper north shore with a clearance rate of 84%.

The most affordable property reported sold at the weekend was a two bedroom unit at 20/34 Addlestone Road, Merrylands (pictured below) which fetched $315,000 through LJ Hooker Merrylands.

merrylands_feb_28_one

It last sold at $255,000 in 2010 when it was made available at $310 a week rent.

The Addlestone Road block’s two sales last year of other two bedrooms were at $285,000 and $288,000.

The agency was suggesting a pre-auction price range of between $280,000 and $310,000.

Merrylands, Lane Cove and Strathfield are the most popular suburbs for auctions, each with nine listings this weekend, according to APM.

Carlingford in the north west is next busiest with eight auctions followed by Randwick, Epping, Greenacre, Yagoona and Ryde, each with seven.

The inner west is again the most popular region this weekend with 102 auctions, APM notes. The next highest is the upper north shore with 75, followed by the south with 73, the city and east 62, Canterbury Bankstown 61 and the lower north with 59 auctions listed.

"February’s record breaking Sydney weekend auction market is set to continue into March," Dr Andrew Wilson, the senior economist for Australian Property Monitors says.

Sydney’s February auction listing tally stood at 1,631, the third highest February total just behind the totals of 2011 and 2008.

"There's no sign of a let up in buyer or seller enthusiasm - in fact activity shows every sign of intensifying over the coming month with bank mortgage interest rates continuing to fall.

"Declining economic activity is however having no perceptible impact on a very very strong Sydney housing market," Dr Andrew Wilson said.

Not everything is walking out the door. This weekend's scheduled Queens Park auction has been postponed for two weekends, in part due to scheduling issues,

But the price guidance has been revised a tad down.

The Hoodoo Gurus lead guitarist Brad Shepherd - who wrote the mid-1990s classic 'You Open My Eyes' - and his wife Sahara had their Rawson Avenue, Queens Park home (pictured below) listed for March 1 auction with $1.7 million plus hopes through Ray White Double Bay's Annette Pollak and Kim Hayes.

It's now scheduled for Marh 15 auction with $1.6 million plus hopes.

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news@propertyobserver.com.au

                     

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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