Results above reserve in cracking weekend for Sydney auctions

It was another “cracking” weekend of auctions with experts and agents reporting big numbers of auction goers but low numbers of new properties for sale.

McGrath Coogee’s Nick Lennan said it wasn’t only the stock shortage pushing numbers of buyers at individual auctions, but also Sydney’s clear and sunny weekend weather in the wintry months.

Sydney’s preliminary auction clearance rate sat at 71 per cent after 319 auctions and 217 reported results.

Domain economist Trent Wiltshire said Sydney’s overall clearance rate was 69 per cent in July, the highest result in two years. 

In the regions, Sydney’s CBD and eastern suburbs led the way with clearance rates that sat at 79 per cent in July, Mr Wiltshire said.

“The number of auctions in recent weeks are about 25 per cent lower than one year ago – with the market near the bottom, vendors are reluctant to sell unless they have to,” Mr Wiltshire said.

“We’ll see more auctions in spring as usual, but we’ll only see a big rise in auction numbers and sales once prices start increasing,” he said.

Fewer auctions are still resulting in prices above reserves. There were plenty of examples across Sydney at the weekend, including 1/247 Oberon Street, Coogee.

The unique two-bedroom apartment, which still needed renovation, sold for $1,421,000, some $321,000 above the reserve.

Selling agent Nick Lennan said 13 registered bidders battled for the keys to the property, which is close to bars, cafes, a dog park and the beach.

“I haven’t seen the physical number of people who went through an inspection in over five years,” Lennan said.

The apartment was bought by a young professional couple who were first-home buyers and lived nearby.

A partially renovated home at 16 Willow Crescent, Ryde, sold under the hammer at the weekend for $1,476,000 – $226,000 above reserve.

The four-bedroom, two-bathroom, partially renovated home attracted 17 registered bidders. 

“It was a fast-paced auction but once we hit $1.45 million, bidders began using $1000 bids,” Phil Allison, of Belle Property Hunters Hill, said.

The buyers were a local family, who will use it as an investment. The family would look to make it a family home down the track, Allison said. 

The vendors, he said, had downsized to a property in nearby Willoughby. 

Meanwhile, a three-bedroom, two-bathroom home at 44 Marian Street, Enmore, sold under the hammer for $110,000 above the reserve for $1.91 million.

Ray White Surrey Hills’ Ercan Ersan said the architecturally designed, dual-level home was auctioned in front of a crowd of 50 people with five registered bidders.

“The buyers are a young couple who were renting in Erskineville, and this is their first home purchase,” Ersan said.

A home at 13 Gabrielle Avenue, Baulkham Hills, reached above the reserve by $120,000 when it sold for $1,383,000.

LJ Hooker chief auctioneer Ben Mitchell led the sale on behalf of Manor Real Estate, and said the hills area was going through a purple patch for sales. A young family snapped up the property. 

One of the weekend’s outstanding results came from the auction at 28 Henley Marine Drive, Five Dock.

The four-bedroom, two-bathroom home reached $500,000 above the reserve of $1.7 million, selling for $2.2 million under the hammer.

Selling agent with Belle Property Drummoyne, Antonio Ariola, said a young couple bought the home to be closer to family.

“It was a cracker, I haven’t had one like that in a while,” Ariola said.