Four in five of the Sydney homes that to auction this weekend sold successfully under the hammer in what was a testing week for the market.
More than 1000 properties went to auction over the week, with close to 800 scheduled on Saturday alone, and expectations were the increased volume of sales might ease pressure off buyers.
Instead Sydney’s auction clearance rate increased to 81.4 per cent, up from about 75 per cent last week, with 645 results declared, according to preliminary CoreLogic data.
That figure may drop later in the week as more results come in but housing experts warned this week’s final numbers would likely be only marginally lower.
It was a marked change from the same week last year when just 54.9 per cent of the auctions were a success for the vendors.
The median price of the houses sold at auction this week was $1.465 million, while the median unit price was $920,000.
The top sale was a luxury four-bedroom apartment on Glen St in Milsons Point, which sold for $7.25 million. It last sold in 2014 for $2.88 million.
The strongest city market was the Ryde council area, where almost 91 per cent of auctions cleared. There was a similar success rate for northern beaches auctions.
Other standout markets were the north shore (88.8 per cent cleared) and Parramatta region (88.5 per cent).
Auctioneer Michael Garofolo of Cooley Auctions said buyers were still under pressure at Sydney auctions.
“There were heaps of registrations at auctions this weekend and it appears the fear of missing out has returned for buyers,” Mr Garofolo said.
“The number of auctions is up but there is still a shortage of stock in a lot of areas relative to the number of buyers.”
Other significant sales included a Queen Anne-style house in Haberfield bought as a renovation project three years ago. It resold under the hammer yesterday for $2.26 million.
The price was $630,000 above what the seller paid for the four-bedroom house on Hawthorne Pde in 2017 and well above the $1.8 million opening bid.
It was not known how much the seller invested in her renovation project, but selling agent and Ray White-Erskineville director Ercan Ersan said the quality of the makeover was excellent.
“It was almost a bittersweet sale for my owner as she’d done an incredible renovation after buying this deceased estate off me a few years ago,” Mr Ersan said. “She and her new partner have four children between them so they needed some more room.”
In Burwood, a deceased estate on Park Rd sold under the hammer for $1.92 million, beating the $1.75 million reserve by $170,000. A dozen buyers registered to bid with selling agent Anthony Pirisi of Zoom Real Estate-Burwood.
The interest came from a mix of buyers with plans to renovate and others who wanted to knock down and build something new from scratch, Mr Pirisi said.
Auctioneer Michael Garofolo said there was spirited bidding from the start, with the opening bid coming in at $1.5 million.
A four-bedroom house on a coveted 854sq m block in Carlingford sold for $1.985 million to a buyer who frequently bid against himself.
The price for the home on Charles St was $635,000 above the reserve and 19 buyers registered to bid with selling agent Gavin Weekley of Guardian Realty-Dural.
The winning bidder opened the bidding at $1.25 million before auctioneer Stu Benson could finish introducing the sale At one point, the man submitted three bids against himself, offering $1.61 million, $1.62 million and $1.63 million in succession.
“I can’t even remember seeing someone so adamant they were going to win an auction. It was quite the show,” Mr Benson said.