Sydney auction results remain steady as numbers grow on 'lucky' weekend
It was both a lucky and busy weekend for Sydney’s property market, as the number of auctions rose to their highest point in months.
With Saturday being the eighth day of the eighth month of the year, house-hunters of Chinese background were particularly hopeful of nabbing a new home at auction.
Bidder paddles with the number 8 — associated with wealth and luck — were in hot demand, with Damien Cooley, of Cooley Auctions, fielding requests for lucky paddles at some auctions throughout the day, from those looking to boost their chances.
It seemed his luck was also on the rise after the weekend, with some strong results.
“I had eight auctions myself, and all eight sold,” Mr Cooley told Domain.
One of the biggest reported sales for the weekend, was for an six-bedroom, eight-bathroom house at 22 Llandillo Avenue, Strathfield.
The two-storey home, which also included manicured gardens, a pool and indoor and outdoor kitchens was snapped up by a local family for $6,305,000.
Richardson & Wrench Strathfield agent Lawrence Chong said there were seven registered bidders on the property, with six of them raising their hands during the auction.
“That geographical location attracts wealthy families because of the schools,” Mr Chong said.
Records show the 765-square-metre block last sold for $2.41 million in 2015, when it was home to a three-bedroom original condition house.
By the end of Saturday, Sydney’s preliminary auction clearance rate sat at 61.5 per cent from 328 reported results. There were 577 properties scheduled to go under the hammer — making August 8 the busiest Saturday since mid-April — but 103 were withdrawn from auction.
AMP Capital chief economist Shane Oliver said Sydney’s results were remaining steady, though they were slightly weaker than previous weeks.
“It’s not strong,” Dr Oliver said. “Sales numbers are still softish, but having said that Sydney is doing a lot better than Melbourne right now as you would expect.”
Melbourne faced its first auction day under stage 4 restrictions at the weekend, after they were introduced last week to try to slow the spread of coronavirus.
Under the tough restrictions, buyers are unable to inspect homes in person, and are only able to do so online. Dr Oliver believed this may have had an impact on the Sydney market, by lowering the confidence of some buyers.
But this didn’t stop Sydney from recording some strong results, with lots of buyers still venturing out to look for their next home.
In beachside Clovelly, a four-bedroom house at 5 Beach Street, which drew a dozen registered bidders, sold for $560,000 above the reserve.
Belle Property Bondi Junction’s Daniel Gillespie said the home had been extremely popular, with 162 groups inspecting it before the auction, partly because of its size.
“It was quite a sizeable property for the area being on 375 square metres,” Mr Gillespie said.
Four of the 12 registered bidders competed on the auction floor, pushing the price up to $3.71 million. Records show the home last sold for $445,000 in 1995.
In nearby Maroubra, a two-storey, four-bedroom house at 68 Marine Parade, which initially passed in, sold for $3.85 million after a short negotiation with the highest bidder and his family.
NG Farah partner Martin Farah said the vendor had decided to sell after the stairs on the property, which he shared with his mother, became too much for her. He had bought the property only 15 months ago for $3.6 million.
The auction saw two bidders fight it out for the keys to the property, which is opposite Maroubra beach.
“The market here is still quite buoyant,” Mr Farah said.
In harbourside Kirribilli, a stunning waterfront apartment at 5/11 Elamang Avenue sold under the hammer for $2,955,000 – well above the $1.92 million records show it last traded for when it sold as a “blank canvas” in late 2018.
The vendors, a young family, were looking for a bigger place to live, De Brennan Property’s David Grant said.
Four registered bidders competed for the rare sale, with the last property of its type and location, selling two years ago.
“There were a mixture of buyers interested in it, including two downsizers and an investor,” Mr Grant said. “The buyer was a lovely lady who was looking to downsize.”
Another apartment at 23/21-25 Waratah Street, Rushcutters Bay, also sold well after drawing seven registered bidders.
The two-bedroom property unit sold for $1,675,000 under the hammer, with five of the bidders actively competing for the keys.
Two of those bidding were real estate agents, raising their hands on behalf of clients, while two others were buyer’s agents, Mr Cooley, who auctioned the property, said.
The Agency Eastern Suburbs’ Fraser Turvey said the buyer of the property was a single lady also looking to downsize.
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