Neither rain, nor Harry, could dent weekend market, but APM economist Andrew Wilson calling the Sydney market "heady"Neither rain, nor Harry, could dent weekend market, but APM economist Andrew Wilson calling the Sydney market "heady"
Even before the final wet weekend auction results were tabulated, Australian Property Monitor's senior economist Dr Andrew Wilson was labelling some results as "heady."
Especially the $525,000 over reserve sale at McMahons Point knocked down to an Oatlands developer who paid $3.725 million for the waterfront opportunity with strong bidding from a Singaporean buyer. More than $3.1 million had been the price guidance on the 478 square metre West Crescent Street block given the prior 2013 unsuccessful auction campaign. It had been held by the same family for six decades.
Dr Wilson also described $210,000 over reserve at $1.21 million Lane Cove West as "heady."
"It will stop, it's not a runaway train, just a strong locomotive," he told 2UE.
Commenting on Harry Dent, the forecaster telling a weekend Sydney audience that property prices would fall by at least 27% in the harbour city, Dr Wilson dismissed the claim.
"Harry said these things two years ago and they didn't pan out," Dr Wilson said.
There was a preliminary 81% clearance rate in Sydney with a $1.01 million median price for houses and $688,000 for units, according to Australian Property Monitors.
Interestingly the revised figures for the weekend's so far in February have put the actually success rate at under 80% both times, so it would appear the initial Saturday night figure is inflated a tad.
The February 8 result was revised to 78.8%, down from the 84.4% initial Saturday night tally.
The February 1 result was revised to 77.5%, down from the initial 80.3% initial Saturday night tally.
One of Damien Cooley's Saturday morning auctions was in Surry Hills selling at $140,000 over reserve. It was a Mary Street offering that fetched $1.34 million high among the 35 sales of its 43 listings.
The auctionservices.net.au team secured 21 of its 24 offerings selling under the hammer.
"The rain and wet conditions did little to impact big crowds and registered bidders," auctioneer Rocky Bartolotto said.
"By the end of the day average registrations were at 7.5 buyers per property.
"This is up 20% from February 2013 from our records," he said.
Inner west sales included 27/177 Salisbury Road, Camperdown for $730,000 through Maria Magrin of Belle Property, Annandale.
It was a top floor one bedroom unit with over 100 square metres space. Some 100 watched as it exceeded its reserve price of $680,000 with 10 registered bidders.
"All but three were left to fight it out after a strong opening bid of $670,000," he said
The buyers were a retired couple downsizing.
