Super Saturday: Autumn's biggest auction test

Super Saturday: Autumn's biggest auction test
Super Saturday: Autumn's biggest auction test

Sydney is set for its traditional bumper pre-Easter super Saturday, with around 900 properties scheduled for auction this weekend.

There's plenty at the pricey end as around 100 properties are expected to fetch at least $2 million plus.

It will be a test whether demand matches supply, Cameron Kusher at CoreLogic RP Data suggested, noting the 70 percent plus auction clearance rates reflected confidence returning to Sydney.

Unsurprisingly, Mosman is expected to be the busiest suburb with 21 auctions scheduled for the Saturday and then in the days before the Easter break.

Channel 7 morning newsreader Natalie Barr has brought forward her Mosman auction date to next Wednesday given the very strong buying interest in what was initially scheduled as a post-Easter March 31 auction date.

LJ Hooker Mosman agents Geoff Smith and Richard Harding were initially expecting between $2.5 million and $2.75 million.

Tomorrow the reality TV show stylist Jodie Bursill, from Top Design on Channel Nine, and husband Andrew will be seeking a buyer in Mosman.

The five bedroom, three bathroom home is contemporary having been completed nine months old.

Its Belle Property Mosman listing agent Tim Foote has $5.5 million plus hopes.

"Equity has been building over the last few years in Mosman," Cameron Kusher said.

"They are taking the opportunity to upgrade."

A handful of eastern suburbs offerings are in the same price league at Clovelly and Bronte.

There's also the Rose Bay home on Kent Street of the horse breeder Frank Tagg, and wife Sally is up for sale.

It cost $8 million in 2007 which its McGrath listing agent Ben Collier has been suggesting as a likely sale price this time round.

Sydney's busiest inner west suburb is Strathfield with double digit offerings for auction.

The first auction will be held on site at a three bedder in Balmain at 9.00am and the last property to be auctioned will be in Cammeray at 6.15pm.

The auctions volumes will lesson over the April school break. 

"Historically volumes don't return to pre-Easter levels for a few months until spring," Cameron Kusher said.

CoreLogic RP Data have indicated there are 1070 auctions across Sydney over the next six days.

This week is set to be the biggest week for auctions so far this year, with 3,369 capital city auctions scheduled.

CoreLogic RP Data noted this volume of auctions hasn’t been seen since the last week in November 2015 when 3,729 capital city homes were taken to auction.

The week’s large increase in auction activity is driven by two key factors being the recent public holidays held in four out of the eight states and territories as well as the seasonality experienced due to the Easter holiday coming up at the end of next week, when auction markets are expected to slow down substantially in terms of activity. 

Capital City Auctions this week: • Sydney: 1,074 • Melbourne: 1,701 • Brisbane: 257 • Adelaide: 137 • Perth: 74 • Canberra: 117

The top 5 busiest individual suburbs for auction this week are all located in Melbourne and are as follows; Glen Iris (29), Kew (26), Reservoir (26), Hawthorn (24) and Northcote (23)

 

Tags: 
Auctions Residential Market

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