Sydney's boom-time auction results continued at the weekend, with another massive weekend of sales in the lead-up to Christmas.
The preliminary auction clearance rate sat at 78.6 per cent on Sunday, after 806 auctions were held and 529 results reported.
AMP Capital chief economist Shane Oliver expected the finalised result to be a strong one – around 74 per cent – following last weekend when results were 72.9 per cent.
“The story hasn't really changed in Sydney – price gains and sales have picked up from their lows a year ago,” Dr Oliver said.
Ray White chief auctioneer Sydney Alex Pattaro said the Christmas rush was now on with buyers looking to find a new home, or a first one, as the festive season heats up.
“I think buyers are bidding with confidence because no one knows what's going to happen next year,” Mr Pattaro said. “They want to secure a property before more buyers come onto the market.”
One of the biggest results for the weekend was on Sydney's lower north shore with the sale of a multi-storey home at 3 Woonona Road, Northbridge.
The property, which overlooked the Northbridge Golf Club and Middle Harbour, sold to a family for $6.5 million – a spectacular $1.2 million above the reserve.
Richardson & Wrench Northbridge director Chris Downie said there were five registered bidders, but the competition was between just two of them.
“It's one of the fastest auctions I've had,” Mr Downie said.
The opening bid of $5.3 million was right on the reserve, with the two making $100,000 bids to try to buy.
A modernist manse at 67 Telegraph Road, Pymble, sold for more than $5 million when it went to auction on Saturday afternoon.
The five-bedroom home was snapped up by an overseas buyer for $5.15 million. The buyer saw the house for the first time just before the auction.
“The overseas buyer inspected the property … literally 10 minutes before the auction, and they fought off competition from five other registered bidders,” Ray White Upper North Shore director Matt Bolin said.
He said the sale price was “hundreds of thousands” above the reserve.
Nearby, at 14 Lawley Crescent, Pymble, an older, five-bedroom home sold for $3.05 million under the hammer – well above the asking price range of $2.6 million to $2.8 million.
Ray White Upper North Shore's Rowan Lazar said a local family bought the home.
“The market here is really strong, and because of low stock numbers, as soon as a property comes to the market it's getting a huge amount of interest from buyers ready to buy,” Mr Lazar said.
Meanwhile, north-west of Sydney, a five-bedroom Hampton-style home at 6 Boundary Road, North Epping, came close to setting a suburb record as it sold for $2.85 million.
Chris Scerri, of Scerri Auctions, who auctioned the property on behalf of WigginsKeenan Real Estate, said he believed the price was in the top three for the area.
“It was just a huge price,” Mr Scerri said.
A house offered for sale for the first time in 55 years, at 6 Lancaster Avenue, St Ives, sold for $425,000 above the reserve for $2.225 million.
The home, which needed updating as the bathroom and kitchen were both original, was snapped up by a family looking to live there.
LJ Hooker St Ives' Matthew Johnson said 15 registered bidders fought for the property that was being sold because the owner had passed away.
“The vendors set a realistic reserve and it did sell for quite a bit over,” Mr Johnson said.
While houses were selling for above the reserve, so, too, were apartments. A three-bedroom, top-floor apartment at 6/31 Crows Nest Road, Waverton, sold under the hammer for $161,000 above the reserve for $1.571 million.
Eleven registered bidders fought for the keys. First-home buyers from Wollstonecraft were the winners.
Belle Property Neutral Bay's Tom Scarpignato said the Christmas rush was continuing.
“The market in Waverton is finishing strongly, with a mix of first-home buyers, investors and younger downsizers keen to secure a property before Christmas. I think these conditions will remain into the first part of 2020,” he said.
*** Source: Melissa Heagney - Domain