UC News

Last minute Christmas rush for Sydney auctions

With just over two weeks until Christmas, many Sydney buyers are making plenty of bold and gusty bids to buy before the festive season sending the clearance rate to lofty heights.

Last minute Christmas rush for Sydney auctions

It was a thrilling weekend on the auction front. Picture: Rob Leeson.Source:News Corp Australia

Buyers are continuing to make plenty of bold moves at Sydney auctions as they scramble to buy what they can before the year is out.

This sentiment triggered another successful weekend for the market with the city recording an impressive 78.1 per cent clearance rate from 472 reported results, according to CoreLogic.

In a show of the market’s recovery, the clearance rate is nearly double the 41.3 per cent it was the same week last year.

The city and inner south region was Sydney's strongest with a clearance rate of 86.7 per cent record.

Rodd Point in the inner west was the scene of one action-packed auction as seven families eyed off a brand new duplex full of luxury.

No. 77 First Ave, Rodd Point, had a cracking auction.Source:Supplied

No. 77 First Ave sold for $2.24 million in front of a big 100 plus crowd. It was also more than $300,000 above the feedback buyers had provided to Devine Real Estate’s Joe Kanaan.

Bidding opened at $1.8 million and rose in increments of $50,000 for the first $200,000 allotment of bids. From there bidding slowed down until it reached the final sale price of $2.24 million. The buyer was a young family with two kids.

Mr Kanaan said the buyer had desperately wanted the property after looking at it five times during the campaign.

“They loved the quality of finishes and were prepared to do anything to secure it,” he said.

The Rodd Point home was brand new.Source:Supplied

A townhouse with a rare garage in Five Dock has sold for $180,000 above the reserve at $1.305 million in a firecracker auction.

The auction for 1/15 Queens Rd started with a gutsy bid from the underbidder who tried to knock out five other bidders with a $1.15 million bid— $25,000 above the reserve.

However he failed to knock out one punter, who ended up securing the keys after a number of firey bids were traded.

No. 1/15 Queens Rd, Five Dock, had a rare garage.Source:Supplied

No. 20 The Esplanade, Drummoyne, sold to the sole bidder on the day.Source:Supplied

Horwood Nolan’s Ben Horwood said the impressive result was a shock.

“It certainly was a surprise, but this was a unique property with a three-car garage and workshop — something you never see in a strata property,” he said.

Mr Horwood also sold a waterfront property at 13 Regatta Way in Cabarita for $3.3 million to the sole bidder on the day. The agent said many buyers were starting to clock out for the year after a difficult spring.

“The buyer pool at auctions and open homes is thinning out as many turn their attention to buying in the new year,” Mr Horwood said.

It was located on the waterfront.Source:Supplied

No. 101/10 Pyrmont Bridge Rd, Camperdown.Source:Supplied

A downsizer couple upstaged four other bidders to secure the keys to a unique one-bedroom apartment in Camperdown for $962,000.

The auction for 101/10 Pyrmont Bridge Rd had a crowd of 50 people in attendance, who witnessed bids fly in thick and fast.

Belle Property Annandale agent Maria Magrin, said the timing of the auction crucial to the vendors securing a stellar result.

Originally published asLast minute Christmas rush for Sydney auctions

Topic: #corelogic
READ SOURCE
Open UCNews to Read More Articles