Sydney's eastern suburbs' shock 53% auction clearance rate suggests market shift
There was a shock 53% auction clearance rate when 34 eastern suburbs listings were put under the hammer on April 7.
Some eight offerings had sold prior, with another 10 sold on the night through Cooley Auctions.
But nine properties were passed in with prices between $740,000 and $5.2 million. There were also seven official withdrawals, although Property Observer is aware of two other 7 April auction marketed properties that did not make it to the auction list given their postponement.
Their inclusion in the tally takes the success rate to 50 percent, well below the 75 percent plus norm headlined for the past 10 weekends.
Either the 53 percent or 50 percent are the weakest known results for many months given the winning streak that began in early 2013.
The sales ranged from $446,000 to $8.1 million.
The top sale was well above the $5.75 million reserve on the commercial-residential offering at 140 Curlewis Street Bondi Beach (pictured above) through the Laing agents at Raine & Horne Bondi Junction. It was a modern two to three storey building featuring one shop, nine car spaces and four one-bedroom, two two-bedroom and one three-bedroom units all with balconies and internal laundries. Buyers were advised the gross annual rent was around $275,000, reflecting a 3.4 percent yield. The shop has been the Tan Temple.
Property Observer has sensed the slight turn in market sentiment. And of course it is a highly segmented marketed with pockets of strengths and weaknesses, but the results suggest some vendors have got too greedy, some buyers are getting understandably cautious at not overpaying, and some estate agents have got a bit slack at doing their job of knocking heads together.
Property Observer lists the April 7 results:
Property | Result | Price | Agency |
|---|---|---|---|
3/3 Hamilton Street Rose Bay | Sold | $856,000 | |
23 Weonga Road Dover Heights | Passed In (VB) | $3,850,000 | |
3/740 New South Head Road Rose Bay | Sold Prior | undisclosed | |
140 Curlewis Street Bondi Beach | Sold | $8,100,000 | |
61 Wallaroy Road Woollahra | Sold | undisclosed | |
2/31 Palmerston Avenue Bronte | Sold Prior | $685,000 | |
12/6 Ormond Street Bondi Beach | Sold | $660,000 | |
14/11 Gilbert Street Dover Heights | Sold | $426,000 | |
22/35 Ocean Street Bondi | Sold Prior | undisclosed | |
627 New South Head Road Rose Bay | Passed In (VB) | $5,200,000 | |
70 Onslow Street Rose Bay | Postponed | - | |
6 Calvert Parade Newport | Withdrawn | - | |
26 Fitzwilliam Road Vaucluse | Passed In (VB) | $4,000,000 | |
15 Village High Road Vaucluse | Withdrawn | - | |
46 Norfolk Street Paddington | Withdrawn | - | |
58 Beresford Road Rose Bay | Passed In | $2,600,000 | |
185 Brougham Street Woolloomooloo | Passed In (VB) | $1,250,000 | |
51 Fitzwilliam Road Vaucluse | Withdrawn | - | |
7/39 Nelson Street Woollahra | Sold | $1,015,000 | |
14/31-39 Diamond Bay Road Vaucluse | Sold Prior | undisclosed | |
23/39 Woodstock Street Bondi Junction | Sold | $1,130,000 | |
2A Coolong Road Vaucluse | Withdrawn | - | |
12/19 Young Street Vaucluse | Passed In (VB) | $1,400,000 | |
5/2 Bennett Avenue Darling Point | Sold Prior | undisclosed | |
11A Blake Street Rose Bay | Sold | $1,310,000 | |
188 Riverview Road Avalon | Withdrawn | - | |
8/60 Darling Point Road Darling Point | Sold | $1,927,500 | |
5 Wallangra Road Dover Heights | Sold Prior | $6,200,000 | |
7 Lamb Street Bellevue Hill | Sold | $3,950,000 | |
6/3 Elanora Street Rose Bay | Passed In | $740,000 | |
328 Military Road Vaucluse | Sold Prior | $1,725,000 | |
11/543 New South Head Road Double Bay | Passed In (VB) | $1,400,000 | |
1/31 Moira Crescent Clovelly | Passed In | $861,000 | |
2/20 Prince Street Randwick | Sold Prior | undisclosed |