Clearance rate holds above 80 per cent on Sydney's biggest auction day on record

Never before in the city’s history have so many homeowners rushed to sell at the same time.

With the Easter and ANZAC Day long weekends running back-to-back this year, a record 1154 homeowners decided to get in early and make a deal before the holiday lull.

But despite the huge listing numbers on Saturday and recent moves by the banks to hike interest rates for borrowers, the city recorded yet another bullish clearance rate. 

By Saturday evening Domain Group had collected 814 auctions and put the clearance rate at 80.9 per cent. It is the fifth weekend in a row clearance rates have been above 80 per cent.

“There doesn’t seem to be a number of properties you can throw at the Sydney market that there aren’t enough buyers for,” said Domain Group chief economist Dr Andrew Wilson.

“It is only going to cause more angst for the Reserve Bank.”

“Higher unemployment, lower retail sales and clearance rates in Sydney and Melbourne going through the roof. . . it’s a real conundrum for the Reserve Bank.”

The strong result also comes at a time when both the corporate watchdog ASIC and banking regulator APRA are cracking down on risky lending behaviour by the banks. For Sydney sellers, the impact of these moves is yet to be felt.

One of the first cabs off the rank on Saturday was the auction of 90-year-old Kathleen Scott’s home in Hunters Hill, where she had lived for more than 60 years. 

It was a family affair with three generations gathered at the 9am auction to say goodbye to the tightly-held home at 19 Farnell Street.

Having purchased the land for £400 in 1954, Mrs Scott and her late husband spent a further £3000 building the home that stands today. 

Most of the interest in the property was from investors and developers looking to knock down the home and build a semi on the 816-square-metre block.

But to the delight of Mrs Scott, the winning bid of $2.85 million was made by a family from Ryde who plan to build their dream on the site.

The property sold for $250,000 above reserve. “We paid too much,” joked the buyer, who declined to give her name.

They had been looking for more than two years and were close to tears when they realised they had won the home.

Agent Paul Cavarra who sold the property with John Paranchi of McGrath Hunters Hill said it was “definitely a strong result”.

“Land of that size is getting extremely hard to find so regardless of the market land will always be strong because it has so many uses,” he said.

Before the auction a neighbour described the market as “ridiculous”.

“The value of our house has gone up 60 per cent in two and a half years.”

• WATCH: Domain’s 360 Live auction in Lilyfield
• WATCH: Domain’s 360 Live auction in Leichhardt
• WATCH: Domain’s Live auction in Redfern

Further north in Carlingford, another family home proved a hit on Saturday, with a crowd of 80 gathered for the auction of 4 Page Court.

Bidding for the four-bedroom home started at $1.35 million before 10 active bidders traded an incredible 124 bids.

The property sold for $1,705,000 — $255,000 above reserve.

“I’ve never seen two buyers duke it out like that,” said auctioneer Stu Benson of Benson Auctions.

“The last 94 bids were just between them, the crowd were in disbelief and the ooh’s and aah’s were very audible,” he said. 

The home, which last traded for $256,000 in 1996, sold through Grant McEnally of Gilmour Property Agents.

The city’s south was also a hive of activity, with a crowd of 80 people converging on a three-bedroom home in Cronulla.

Bidding for 8 Hume Road started at $2.4 million, going up in $100,000 bids until it hit the $2.8 million mark, as all three registered bidders tried to secure the home.

It was a local couple who snapped up the property for $3,161,000 — $61,000 above reserve.

Colin Stone of Pulse Property Agents said the vendors were thrilled with the results. Records show they’ve owned the property since 2001, when it last traded for $1,025,000. They now plan to downsize locally.

Highlights from across Sydney. . .

502/26 Harvey Street, Little Bay. Photo: Supplied

SOLD $2.3 million
Little Bay
502/26 Harvey Street
3 bedrooms, 2 bathrooms, 2 car spaces

Three of eight registered bidders battled it out for this penthouse apartment, which sold under the hammer for $200,000 over reserve. Bidding opened at $2 million and went up in $50,000 and then $25,000 increments as downsizing bidders battled it out – with the successful bidder joining in at the very end with their sole winning bid of $2.3 million. Marnie Seinor of McGrath Coogee said the vendors, who are upgrading to a house, were ecstatic with the result.

7 Travers Road Curl Curl. Photo: Supplied.

SOLD $3.4 million
Curl Curl
7 Travers Road
5 bedrooms, 2 bathrooms, 2 car spaces

A local family beat out an overseas phone bidder and two of five other registered bidders to snap up this stylishly renovated home. Bidding started at $3.1 million and went up in $50,000 and $20,000 increments, before slowing down to $5000 jumps after bidding hit the $3.3 million mark. Agent Toby Hutton of Raine and Horne Manly, who showed about 115 groups through the property, declined to give the reserve price.

6 Hampshire Street, Cronulla. Photo: Brett Shearer

SOLD $2,125,000
Cronulla 
6 Hampshire Street
5 bedrooms, 3 bathrooms, 4 car spaces

A builder from Canterbury-Bankstown beat two local families, to secure this Hamptons-style home, which sold for $175,000 over reserve. The auction kicked off with an opening bid of $1.7 million and went up in $25,000 bids until the $1.9 million mark, after which it went up in $10,000 jumps. Agent David Kennedy of Chris Burke & Co showed about 60 groups through the property, which drew strong interest from local families looking to renovate or rebuild on the block to create their dream home.

12/92-96 Kings Road, Five Dock. Photo: Supplied

SOLD $1,735,000
Five Dock
12/92-96 Kings Road
3 bedrooms, 2 bathrooms, 2 car spaces

Almost 150 people gathered for the auction of this townhouse, which sold for $235,000 over reserve. Bidding opened at $1.3 million, and went up in $50,000 and then $20,000 jumps as seven of 17 registered bidders vied for the property. The winning bidders were a young couple from Summer Hill who were upsizing from an apartment. Aladdin Hassen of The Agency Annandale, had shown more than 140 groups through the property.