Sydney clocks 55 per cent clearance rate on first super Saturday of spring

On a day with more than 700 properties up for grabs home buyers were on the hunt for a good deal on Saturday.

The bidding at some auctions was slow and cautious. But young buyers, in particular, are engaging in wide-ranging research of price trends and swooping on any listing that looks like a bargain.

Cunninghams’ managing director John Cunningham said all five registered bidders posted bids for an elevated apartment at 7/2B Kangaroo Street, Manly.

The top-floor, two-bedroom unit with good views landed a $1.056 million opening bid and rose to a sale price of $1.306 million.

“The bidding went up in small increments the whole way through,” Cunningham said.

“The highest increment was $25,000 – most of the bids were in $10,000s and $5000s.

“This is the marketplace. It is still a supply-and-demand marketplace and, therefore, properties are moving, albeit in our area probably at a good 10 per cent less than the prices they were getting 18 months ago.”

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The Sydney weekend auction clearance has drifted between 53 per cent and 56 per cent over the past month. This weekend’s result was within the range, at 54.9 per cent from 388 reported results.

The weekend had the highest number of booked auctions so far in the spring selling season, with 732 scheduled auctions. However, a big chunk of these – 120 properties – were withdrawn from auction.

In Lane Cove, young buyers sniffed value at the sale of a 1920s house on a small block that’s in need of a renovation or a re-build.

The median house price in Lane Cove is $1.845 million, but the property at 78 Centennial Avenue was quoted to would-be buyers at below $1.2 million. Little wonder that six bidders, mainly couples in their 20s and 30s, registered for this auction and five participated.

Belle Property Lane Cove’s Tim Holgate said 146 groups had inspected the home.

The auction kicked off on a bid of $900,000 before 35 onlookers. The second bid was $1 million, and the price then crept up in increments to an under-the-hammer sale price of $1,212,500.

The reserve was $1.15 million. The buyers are a couple from the lower north shore who are upsizing from an apartment.

Holgate and said the home’s price point was very attractive.

“That is why we had a huge number of inspections,” he said. “The buyers could see potential for a renovation or a complete knock-down and rebuild, which is what our purchasers plan to do after a few years in the property.”

Across town, a three-bedroom townhouse in Rozelle drew seven registered bidders. McGrath Balmain fielded bids from five of the bidders before selling 4/66 Quirk Street under the hammer for $1.406 million. The selling price was above the $1.37 million reserve, but well under the Rozelle median house price of $1,643,750.

Domain Group said the highest reported sale on the weekend was for a large period house at 161 O’Sullivan Rd, Bellevue Hill. The property sold for $6.575 million – more than $570,000 above reserve – through Sotheby’s Realty.

Meanwhile, a substantial terrace house at 57 Brown Street, Paddington, sold at auction for $4.42 million through The Agency Eastern Suburbs. In the inner west, 43 Barnstaple Road, Five Dock, a new-build on 568 square metres, fetched $3.98 million through Devine Real Estate Strathfield. On Friday, 53 Wharf Rd, Gladesville, was sold prior to auction for $4 million by McGrath Hunters Hill.

Cunningham said his agency had withdrawn several properties scheduled to be auctioned. The company typically goes ahead with an auction if just one buyer has flagged interest.

“They all sell in the end,” he said. “Some properties take a day, some a week, some a month and some two months.

“Buyers are coming through properties at consistent rates. We track open for inspection numbers every week. We are sitting at about nine couples per property at the moment. A month ago we were sitting at six or seven.”