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The property was one of 809 scheduled auctions in Sydney over the weekend. As of Saturday night, Domain Group recorded a preliminary auction clearance rate of 66.3 per cent, with 498 auction results reported and 123 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A newly built four-bedroom duplex in Strathfield sold for $3.12 million. The French country-style home had a price guide of $2.95 million. LJ Hooker’s David Pisano would not reveal the reserve price.
Four buyers registered, three of whom bid for the duplex 4a Sheras AvenueThe property was connected to the neighbor through a garage. The property had been demolished and rebuilt, and the sellers were ready to move out of the area after living in the property for six months.
Bidding started at $2.8 million and rose to $3.1 million as bidders offered more and more. In the end, a single man who attended the auction with his mother bought the keys to the house for $20,000.
“It’s very wide and very striking from the street, but not that deep,” Mr Pisano said. He said the quality of the build, the range of amenities and the location close to Strathfield and Burwood stations made the house stand out.
Pisano said that buyers are currently cautious and it is difficult to cross the bottom line.
A six-bedroom family home in Prospect 52 Hampton Crescent It sold for more than the reserve price of $2.1 million.
Four people registered to bid on the home, which was built by the vendors a decade ago and has a price guide of $1.9 million.
Bidding opened at $1.9 million and was hotly contested until it sold for $2.375 million. A local from the same suburb won the house.
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Monique Layoun of McGrath said people would rather pay a premium than go through the hassle of construction.
Ms Layoune said she believed people chose the property because of its easy access to the M4 motorway and the Great Western Freeway.
“It doesn’t have a water view or anything special. It’s just really convenient. And it’s close to Parramatta,” she said.
AMP chief economist Dr Shane Oliver said the clearance rate for August was 66.3 per cent, which was below average and typically hovers around 68 per cent.
“We’ve had a pick-up in listings, which probably reflects an increase in distressed sales from people in mortgage difficulty. So the solution is to sell the property, but buyer demand in Sydney has not kept pace, so we’ve seen clearance rates gradually decline,” he said.
Mr Oliver said this weekend was the first time since June that more than 100 auctions had been cancelled in Sydney.
“It’s sometimes a sign of weakness, (we) don’t quite know, but agents (and) vendors (may) decide to pull out of the auction because there may not be enough interest,” he said.
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