Sydney auction success at fresh near-record high as Super Saturday looms

Sydney auction success at fresh near-record high as Super Saturday looms
Jonathan ChancellorDecember 7, 2020

It was yet another stunning result at weekend auctions when an initial 84.6% success rate was secured by Sydney vendors, according to Australian Property Monitors (APM).

The sizzling clearance rate was just below last year’s all-time record result of 86%, recorded coincidentally over the same weekend, said the senior economist at APM Andrew Wilson.

Some 636 homes were listed to go under the hammer on Saturday, which was well ahead of the previous Saturday’s 455 auctions, when the revised rate sat at 80.5%.

It was the third week above 80% on the weekend.    

Sydney’s inner city regions recorded a combined 90.6% clearance rate with almost half of all auction sales.

The city and east reported the highest regional clearance rate on Saturday with 92.5%.

The next best was the inner west with 91.2% with the highest sales reported at 93, followed by the lower north 85.7%, the upper north shore 84.2%, the northern beaches 82.5%, the south 81.8%, the west 80%, Canterbury Bankstown 76.7% and the north west 70.6%.

The central coast ranked weakest with a 54% clearance rate on Saturday.

The most expensive property reported sold was a five bedroom, tri-level home at 10 Carrington Parade, Freshwater that sold for $3,750,000 through Clarke and Humel Property. There were seven registered bidders, four of whom got to lodge bids.

On its 2008 completion it was noted the architects, Gartner Trovato, maximised what one can do with the site. It last sold as is in 2012 at $3.01 million through Clarke.

The most affordable property reported sold at the weekend was a studio apartment at Coronation Inn, when 103/284 Pacific Highway, Greenwich sold for $308,000 by Urbane Inner West.

It was recently available at $320 a week, but the agency says $350 a week was achievable.

However CoreLogic RP Data records show $350 was unsuccessfully sought earlier this year for the 30 square metre studio plus 16 square metre car space. It's $308,000 sale price reflected a 5.4% yield.

The first Super Saturday of the year arrives with 800 homes scheduled to go under the hammer next weekend.

"Sydney’s feeding frenzy for home buyers shows no sign of diminishing," Wilson said.

Saturday's 636 offering was down 20% on the same time last year, with next weekend's 800 offerings 20% up, according to APM.

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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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