Camperdown home beats reserve by $170,000 in 30 seconds

Slim pickings in Sydney’s property market are fuelling rising clearance rates. Experts say the dearth of residences for sale is creating healthy numbers and strong bidding at weekend auctions.

Sydney’s clearance rate this weekend was 78.2 per cent – a big jump from 71 per cent the weekend before.

But, stock numbers are much lower than last year – just 376 went under the hammer this weekend compared with 503 at this time 12 months ago.

It may mean less choice for buyers, but better results for vendors, says Domain economist Trent Wiltshire.

“Yes, there are fewer auctions than last year, but it’s pretty clear there’s a lot more buyer interest out there,” he said.

“Stock numbers are typically been 20 to 30 per cent lower each Saturday and that makes sense from a seller perspective with prices near the bottom or just sort of turning around now.

“Sellers have been reluctant to sell, but that might change in the next six months or so if prices start to rise a bit.”

The weekend’s highest auction amount was fetched by 41/62-65 North Steyne, Manly, at $4.55 million, while the lowest was at 5/36 Denman Avenue, Wiley Park, for $288,000.

Two bidders tussled for a five-bedroom home at 7 Brereton Street, Gladesville, which sold for $2,204,000, $104,000 above reserve.

With a big beautiful backyard, separate self-contained studio and a six-person hot tub, agent Michael Gallina, of Belle Property Hunters Hill, said the family home ticked a lot of boxes.

“This was a great result, given its modern renovations, north-facing backyard, privacy and the internal and external flow,” he said.

“The majority of buyers were local or from the Lane Cove area, as these buyers are seeing better value in Gladesville.”

At Camperdown, LJ Hooker’s chief auctioneer Ben Mitchell oversaw the sale of a 9 Roberts Street. The rundown terrace house sold for $170,000 above the $1 million reserve price to a first-home buyer, who had spent months searching for the right place.

“The interesting thing about that is it really struggled to get started, but as soon as it got to $1 million, it went crazy,” he said.

“It went up by $170,000 in about 30 seconds. It was mad.”

It was the opposite story at 42 Duntroon Avenue, Roseville, where six bidders had a slow battle to take the property over the line for $2.956 million.

“The auction lasted 43 minutes, so it was a very long, drawn out auction,” said Hugh Macfarlan, of Raine & Horne HM Group.

“It came down to $1000 and $500 bids between two parties.”

More than 100 inspections was a sign of good things to come for the vendors of 5/86 Cope Street, Waterloo. The Agency’s Brad Gillespie said improvements in the market combined with the apartment’s clever design resulted in it selling for $40,000 above the $850,000 reserve price.

“I think the sentiment in the market is a bit more positive and it was a unique property, more like a townhouse style apartment with two levels and a courtyard,” he said.

A knock-down house owned by a 94-year-old man was sold for a whopping $400,000 above reserve at 11 Mahratta Avenue, Wahroonga.

Interested parties couldn’t inspect the interior, but 10 bidders duked it out for one-bedroom home.

“There was simply too much structural damage [for inspections], so it’s a knock-down opportunity in every sense of the word,” David Walker, of Ray White Upper North Shore, said.

“It was the sweet spot. We pitched the house at $1.2 million which is an entry level price for Wahroonga and bidding opened at $1 million and quickly moved to $1.2 million, which was the reserve, and it ended up selling at $1.6 million.”