Seller's market to roll on through spring and into summer - Harbour Bridge view or otherwise

Sydney’s record-breaking spring auction market continued with an 85.9% success rate at the weekend.

With 714 scheduled auctions – the highest weekend total for the year - was also the fourth busiest on record by APM's calculations.

Let's ignore the observation that 20/9 Nicholson St, Balmain (pictured below) sold at $285,000 over reserve price!

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After all it was one of those Cinderella properties - a neglected two bedroom apartment with harbour bridge views.

It sold for $1.21 million at its weekend auction through Lynsey Kemp of Belle Property Balmain. The 92 square metre unit was on the fifth floor of the eight floor block in less than original condition given there was no functional kitchen.

"There were almost to many people to fit into the unit with a crowd of fifty," the auctionservices.net.au auctioneer Rocky Bartolotto told me.

The opening bid was $890,000 which quickly reached $1,150,000 before the the auctioneer over saw the two final parties left to battle it out for the last $60,000.

As it last traded in 1973 at $34,500, the price growth reflected 9% annual growth over the three decades.

The most important take out was there were 20 registered bidders at the onsite auction. Which means there's possibly up to 19 buyers who kick onto next weekend's auctions.

It's this depth of pent-up purchasing interest that has seen the market move so quickly from a buyer's market to a seller's market.

Strathfield, which is always an auction engine room, recently saw the sale of 162-164 Albert Road at $3.187 million. There were 15 registered bidders for the seven bedroom Victorian mansion on 2844 square metres.

When 37 Boronia Avenue, Cheltenham sold last month for $1.45 million, there were 10 registered bidders, with six of bidding on the day, who pushed the price past its $1,325,000 reserve.

A block of four in Denison Street, Newtown, recently sold for $2.84 million with more than 30 registered bidders.

I've previously written on the sale of the lucky 88 Campbell Street, Surry Hills where competition among the 25 registered bidders took the price to $840,000.

So inevitably this seller's market rolls on through spring and into summer.

Raine & Horne executive chairman Angus Raine has noted the quiet pre-election market had come back to life and he expects only a short break after Christmas with above-average activity in January.

Having huge buyer interest is no guarantee of a huge price.

A recent $2,455,000 Kangaroo Point sale in the Sutherland Shire came after more than 100 groups inspected it, 14 of whom took contracts, and then 11 registered. But's its sale price was under its $2.5 million initial reserve.

And ofcourse all it takes is two keen bidders.