Sydney's Eastern Suburbs notch 96% auction clearance rate: CoreLogic
The Eastern Suburbs of Sydney has the highest auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 26 auctions known to CoreLogic in the Eastern Suburbs 96.2% were sold.
This is followed by North Sydney and Hornsby with 94.8% and the Northern Beaches with 93%.
The South West region of Sydney had the lowest auction clearance rate with only 61.9% of auctions cleared.
A three bedroom apartment at 3/3 Donnellan Circuit, Clovelly (above) was sold for $3,050,000.
Similarly a five bedroom house at 32 View Street, Queens Park (below) was sold for $2,735,000.
McGrath Estate Agents reported an overall clearance rate of 82% from 122 auctions that were conducted across its network that comprises NSW, Queensland, ACT and Victoria on February 11.
The company conducted 85 auctions across metro Sydney, achieving an 87% clearance rate.
Its chief auctioneer Scott Kennedy-Green advised McGrath’s company owned offices in the Eastern Suburbs, Inner West and Northern Beaches all achieved a 100% clearance rate.
“We saw increased activity with multiple registrations and strong results through most price brackets.
" In particular, the $750,000 to $1.5 million bracket saw a 94% clearance rate from 48 auctions, and all three properties above $3 million sold.”
A standout in the prestige sector was the sale of a three bedroom apartment with harbour views at 2202/2 Dind Street, Milsons Point by Nigel Mukhi at McGrath Neutral Bay for $3,775,000.
Mukhi said he had eight registered bidders for the 152 square metre apartment.
“This was in a very popular price point for downsizers and there hasn’t been anything around that price range for quite some time in the area.”