Homebuyers paid up to $6 million under the hammer in what was a week of mixed results for Sydney property auctions.
Preliminary results showed nearly 67 per cent of auctions produced a sale over the past week based on 332 declared results.
There were a total 614 auctions – an increase from last week and about 100 more than were held over the same week last year, according to CoreLogic. It was also close to double the volume of auctions scheduled in early May.
The auction clearance rate may slip as more results come in largely due to agents’ tendency to be slower to report passed-in sales.
Last week the preliminary auction clearance rate reported on Sunday was 68.5 per cent but it dropped to 61.6 per cent by the following Thursday as another 100 results were reported.
The median price of Sydney houses sold under the hammer this week was about $1.3 million. The median unit price was $845,000.
Sydney’s eastern suburbs remained the standout market for auctions, with the highest sale the $6.025 million paid for a five-bedroom Vaucluse house on Derby St.
The property, sold by Sothebys agent Michael Pallier, has panoramic harbour views from the CBD across to Manly and the harbour heads.
The auction market was the weakest in the Central Coast and Sydney’s southwest.
On the lower north shore, a seven-bedroom bungalow in Waverton sold at auction for $4 million. The reserve price for the Balls Head Rd property was $3.8 million.
Selling agent Tom Scarpignato of Belle Property-Neutral Bay said the property, currently configured as apartments, attracted interest from investors, families and those seeking a knockdown-rebuild project.
“This result reflects that good properties with potential in a good suburb such as Waverton will always sell well, no matter what market conditions prevail,” Mr Scarpignato said.
“This property is a big house on a good size block. They don’t come up very often.”
In Strathfield, two houses sold together as a joint sale passed in at auction.
In Glebe, Ray White-Surry Hills director Matthew Carvalho sold a unit at 6/2-6 Sheehy St for $732,000 after five registered bidders turned out for the on-site auction.
“It was a first homeowners special and it sold to a local lady,” Mr Carvalho said.
Ray White NSW CEO and auctioneer Jason Andrew said the auction was a “screamer”.
The bids sailed through the $675,000 reserve on the deceased estate near Blackwattle Bay Park. The two bedroom apartment was tucked away to the rear of the block with a north facing balcony capturing city glimpses.