Saturday auctions: 'Strong appetite' for property across capitals

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Saturday auctions: 'Strong appetite' for property across capitals

Post date: 06:42:30 07-07-2020

Agents have reported a competitive day of bidding in Sydney and Melbourne, reflecting a “strong appetite” from buyers even amid recent coronavirus spikes.

In Melbourne, postcode-specific lockdowns forced some auctions to return online and residents in affected areas were banned from attending on-site events.

While in Sydney, a “more balanced market’ allowed formerly frustrated house hunters to get in the game, among the nearly 540 auctions scheduled across the week. 

Latest realestate.com.au auction data shows New South Wales has a clearance rate of 69% for the week to date, while Victoria’s preliminary clearance rate currently stands at 68%.

Here’s what happened in the auction capitals today.


Victoria

A three-bedroom brick home in Thornbury sold “well and truly above reserve” this morning, as the owner watched the auction unfold online from lockdown in Brunswick West.

The property at 102a Collins St sold for $1,125,500, with seven registered bidders and four actively battling it out.

Alex Ilyin from Ray White Brunswick said there is currently a “strong appetite for property”, largely driven by low interest rates.

 

In Melbourne’s inner south, a three-bedroom Edwardian home in St Kilda attracted “phenomenal” attention, selling for about $56,000 above reserve.

“We were very impressed to have five separate groups bidding; there was great energy at the auction and the street was buzzing,” said Matthew Pillios of Marshall White Bayside.

The well-located home sold for $1,066,000 after opening at $950,000.

Read here for more coverage of Melbourne’s auction action.

Sydney

A charming Victorian home in Marrickville sold for $1.42 million this morning, with four bidders pushing up the price beyond expectations.
William Pereria of Bresic Whitney said buyers had expressed figures of around $1.38 million for the freestanding classic at 5 O’Hara St, but “there was enough competition to push it up”.

 

Mr Pereria said there is “life in the market”, even in the COVID climate, but that confusion surrounding the end of mortgage holidays in September/October was causing some hesitation.

“It’s like everyone’s at a disco but they’re scared to go on the dance floor – but it’s still packed,” he said.

“People are starting to take a first step. The life is there, the buyers are there; and when the time comes, there’s going to be enough demand to meet the supply.”

Meanwhile on the north shore, a “half-finished” federation-style house in Wahroonga sold for $3.91 million.

The auction attracted 18 registered bidders and the price was $410,000 above the seller’s reserve.

For more information on Sydney’s auction activity today, you can read more here.

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