Sydneysiders securing more than last time in 93% of property sales
From $200,000 near Budgewoi to $6.45 million on the harbour at Clifton Gardens, Sydney's record-breaking spring market produced another preliminary 80% plus weekend auction clearance rate.
So far in November, 3,062 properties have been scheduled for auction, well ahead of last November's 2,148 over the same period.
And next weekend Australian Property Monitors notes there are a record 900-plus properties for auction across Sydney.
November will break the record for the highest month of auctions conducted over a month in Sydney, and more importantly the highest number of successful sales.
The strength and magnetism of the inner west market was evident when 59 Young St, Annandale sold for $890,000, at $40,000 over reserve. The campaign was through Belle Property agents Robert Clarke and Julie Hatch saw auctioneer Rocky Bartolotto, from Auction Services.
There had been 110 views, 11 contracts issued and four registered bidders who kicked off bidding at $800,000 for the neat two bedroom home with approval to build up. The buying young couple with two children will relocate from Coogee.
The $6.45 million top sale was the first listing in more than three decades for the five bedroom house on 1200 square metres which was marketed through Belle Property with $6 million plus hopes. Iluka Road's last prestige sale in March at $6.075 million for the 1088 square metre holding which had been initially listed in late 2011.
The weekend's best selling district was
Upper north shore 90% (58 auctions)
Inner west 87% (97 auctions)
Lower north shore 87% (34 auctions)
Northern beaches 86% (12 auctions)
Canterbury-Bankstown 84% (30 auctions)
South 78% (61 auctions)
City and east 77% (59 auctions)
North-west 77% (34 auctions)
West 76% (50 auctions)
South-west 67% (25 auctions)
Source APM
RP Data has noted the total residential listings, auction and private treaty, in Sydney are down 26% with new listings up only 4%.
In Sydney, 154 suburbs recorded 100% of sales at more than their prior sale price, according to RP Data.
Overall 93% of home sales were at a higher figure than prior.
RP Data identified Kellyville Ridge as the most impressive with all 92 sales changing hands for more than their last sale price.
Rouse Hill, Allawah, Roselands and West Ryde peformed strongly.
The Entrance and Winston Hills were the only two locations where mkore properties sold for less than a gain, the report said.
The speed of sales has certainly spilled over into private treaty sales.
Last week William Phillips at BresicWhitney secured the $5.25 million sale of the three storey Darlinghurst mansion, Chimera.
The five bedroom four bathroom 1880s house (pictured below) on 382 square metres last sold at $4,625,00o in September 2010 which represents 4% growth per annum.
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The sale was secured in just three weeks, but last time it took three years, and several marketing campaigns, between initial listing and sale for the Darley Street terrace that had sold unrenovated for $550,000 in 1991.
Mopping up old stock is another key characteristics of the current market fillip.
There's been a realism from previously ambitious vendors now aware of sufficient comparable sales to make their revised pricing - and to sell.
