Big sales despite restrictions on Sydney and Melbourne auction markets
The sun was out, buyers were ready, but new restrictions on Sydney’s property market meant no more than 20 people could attend an auction at the weekend.
On Friday, agents and agencies were warned that bidders needed to be socially distanced as coronavirus cases climbed in Sydney.
This new restriction is also in place for those wanting to inspect a property.
On Sunday, a spokesperson for Fair Trading NSW reiterated that, depending on the size of the home or apartment, a maximum of 20 people could inspect at a time.
“There is an exemption for outdoor gatherings for open homes,” the spokesperson said. “Basically, this allows more than 20 visitors to an open home, in an outdoor area, however the number of visitors that can enter the house or unit at one time is dependent on the size.
“The upper limit of visitors allowed inside is still 20,” they said.
Melbourne’s market continued to struggle through the second half of the tough, stage 4 restrictions that allow inspections and auctions to be held online only.
It was a quiet weekend in the Victorian capital with few auctions held.
By late Saturday, Melbourne’s preliminary auction clearance rate plummeted to 38.7 per cent after 107 auctions were scheduled, 45 withdrawn from sale under the virtual hammer and 30 results were reported.
Only 30 online auctions went ahead on Saturday, with the clearance rate sitting at 39 per cent.
In Sydney, the preliminary auction clearance rate was stronger, sitting at 68 per cent after 488 auctions were scheduled, and 274 results reported. Of the scheduled auctions, 64 were withdrawn.
Despite the restrictions of 20 people, Sydney still had some huge results.
One of the biggest sales at the weekend was a modern five-bedroom home at 25 Tripod Street, Concord, which sold for $4.21 million — a whopping $810,000 over the reserve.
The two-storey property, which features a pool and gym, was snapped up by a family living just two suburbs away in Sydney’s inner west.
Belle Property Strathfield principal Norman So said there were 14 registered bidders, five of whom were active.
Many were knocked out by the opening bid of $3.4 million – right on the home’s reserve price.
“Most didn’t get a chance to bid,” Mr So said.
Though three bidders registered, only two fought it out for the keys to a tightly held, harbour-front apartment in Pyrmont, which sold under the hammer for $4.35 million.
The three-bedroom property at 206/8-14 Wharf Crescent was one of only a few in the area that had come up for sale in 2020, Morton Pyrmont associate director James Crow said.
A couple wanting to live closer to the water snapped up the property.
Mr Crow said buyers were out and about, wanting to find these types of lifestyle properties, while vendors were also keen to sell despite COVID-19.
“I’ve been very busy,” Mr Crow said. “The general attitude is to go now or batten down the hatches for the next couple of years,” he said.
Another beachfront property at 79 Marine Parade, MacMasters Beach, on Sydney’s central coast, sold for $3.25 million at the weekend.
McGrath Terrigal’s Jordan Bulmer said four of the seven registered bidders raised their paddles during the auction.
After 30 minutes of competitive bidding, the home went to a Sydney based couple, who bought the property for a holiday home.
The vendors had owned the three-bedroom property for more than 20 years, and were selling because their children had started university and they were not using the house as much.
“There’s only about 20 properties along Marine Parade – it’s the bluest of blue-chip property,” Mr Bulmer said.
In Mosman, a four-bedroom home with views of the city at 23 Rangers Avenue sold for $4.43 million – $630,000 above the reserve.
Cooley Auctions auctioneer Oliver Burton, who sold the property on behalf of The Agency North, said nine registered bidders, four of them active, made 46 bids for the keys to the beautifully renovated Federation style home.
“It was a huge result and was well deserved because of the uniqueness of the property,” Mr Burton said.
A couple were the winning bidders on the property.
The limitation of 20 people at auctions resulted in some auctioneers changing plans for sales, including the one at 8 Robson Road, Kenthurst.
The three-bedroom property – with 2.31 hectares of land – saw 20 bidders go toe to toe at the auction with it selling for $2.72 million under the hammer, $620,000 above reserve.
A local family were the buyers following spirited bidding.
Auctioneer Stuart Benson, who sold the property on behalf of LJ Hooker Dural, said the dress-circle block of land had several interested buyers, but on the day only 20 attended.
“Realistic sellers who are allowing their auctioneers to call a property ‘on the market’ in the heat of an auction are seeing their reserves being competitively exceeded,” Mr Benson said.
In Melbourne, the market was sporadic with some strong sales despite the restrictions. Melburnians are adapting to the online auction space.
Fletchers Real Estate Canterbury director Tim Heavyside said bidders were becoming so comfortable, that one attended an online auction in his dressing gown.
He was the buyer of a two-bedroom property at 8 Bright Street, Camberwell, which sold under the virtual hammer for $1,638,000.
Three bidders competed for the property, with the buyer snapping it up as an investment.
“It was very casual,” Mr Heavyside said with a laugh. “It’s also the longest auction I’ve ever called in my whole career as it went for one hour and 10 minutes.”
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