28 Aug Sydney Property Auction Results August 25th, 2018
Sydney Property Market Auction Results – August 25th, 2018
|Source:||Australian Property Monitors|
Sydney had 582 properties listed for auction this week, more than any week since mid-June. The auction clearance rate increased slightly to 57% and the median price increased from $1.255m to $1.27m.
Top 5 Property Auction Sales across Sydney:
- 15 Vista St, Greenwich, an original 3 bedroom house sold prior to its scheduled auction for $3.55m. Sold by Andrew Lutze, Cunninghams.
- 59 Roscoe St, Bondi Beach, a semi-detached 3 bedroom beach house sold prior to its scheduled auction for $3.3m. Sold by Alexander Phillips, Phillips Pantzer Donnelly.
- 3 Hollywood Crescent, Willoughby, a 4 bedroom, 3 bathroom renovated house sold for $3.265m. Sold by Jesse Zammit, Belle Property Neutral Bay.
- 1 O’Dowd St, Waverley, a 4 bedroom renovated home with a studio sold prior to auction for $3.25m (pictured above). Sold by Alexander Phillips, Phillips Pantzer Donnelly.
- 24 Ernest St, Balgowlah Heights, a 4 bedroom home sold for $3.23m. Sold by Matt Brady, Belle Property Seaforth.
Interestingly three of the top five sales as listed by Home Price Guide, sold prior to their scheduled auctions. I expect selling prior to auction to become more common as property buyers are still cautious about bidding at auction. Now when a property does run to auction, there are often at least three qualified buyers for the property.
While we are coming into the spring selling season, there has not been the expected influx of properties on the market. Properties are trickling on the market and I believe this will continue into spring. There is a shortage of family homes and the lack of supply and substantial demand is keeping prices buoyant for quality family homes in desirable locations. We have four weekends remaining until the September school holidays when there will be a temporary lull. So expect the next two weeks to be a good indicator of what is to come.
As I mentioned in last week’s blog post, the prestige sector of the market is very strong and there are a lot of off-market transactions occurring in this price point.
Until next week.