Suburb records smashed on Sydney's busiest July auction day
2015-07-21
Sydney's deep freeze is failing to take the heat out of the auction market, with the city recording its biggest ever July auction day on Saturday.
There were 630 properties listed to go under the hammer and on Saturday evening Domain Group put the clearance rate at a strong 83.1 per cent, significantly up on last weekend's 80 per cent result.
"Just when we thought the market was on the slide it bounces back again with a good result," said senior economist for the Domain Group, Dr Andrew Wilson.
Among the biggest results were several suburb records, including a seven-bedroom waterfront house in Dorking Road, Cabarita, that fetched $4.7 million. The Newcastle-bound vendors who hadn't altered the property at all pocketed a tidy profit after buying the 865-square-metre property 11 months ago for $3.8 million. That works out at about $2700 a day.
Selling agent Fayez Yammine of Devine Real Estate said the buyers, from Five Dock, only saw the property for the first time on Thursday.
"The market is hot," said Mr Yammine.
Tidy profit: The waterfront home at Cabarita sold less than a year ago for $3.8 million. Photo: domain.com.au
The previous record was $4.25 million for a non-waterfront home on the same street, which sold in March.
July is usually the slowest month on the Sydney auction calendar but not this year. Even more auctions are tipped for next weekend – almost 700 at last count – while some auctioneers are fully booked for August.
"Next weekend will be a test and the tests will keep on coming," said Dr Wilson.
"July auction numbers in Sydney are about 50 per cent higher than last year, which is extraordinary."
There was another suburb record broken in Mascot on Saturday where a four-bedroom, renovated house in Horner Avenue sold for $2.05 million.
A young family of golfers from Lindfield, keen on moving close to The Australian Golf Club, bid $100,000 above the reserve price, and trumping another north shore couple, selling agent Adam Pierce of McGrath Coogee said.\
Tiny home: Despite being only 29 square metres, a Newtown studio on Hordern Street sold for $422,000 on Saturday. Photo: Supplied
In Woollahra, the home of three-time Archibald winning artist Eric Smith sold under the hammer for $2.96 million - $460,000 more than its reserve price.
The dilapidated cottage and studio on 393 square metres in Small Street attracted only those with DIY in their veins, eventually selling to an Eastern suburbs builder.
At the other end of the price spectrum a studio in Newtown sold to an investor for $422,000. She was planning to rent it out until her teenage son moved out of home.
This house at 5 Small Street in Woollahra sold at auction for $2.96 million. Photo: supplied
The auctioneer Will Hampson, from My Auctioneer, said the result showed there were still inner-city properties available for less than $500,000.
Although at 29 square metres, the Hordern Street unit was three times as expensive per square metre as the Cabarita mansion.
As the volume of homes going to auction continues to climb during winter many agents are starting to see fewer bidders.
Nevertheless Mr Hampson believed this had not yet affected prices, which were still "consistent with recent sales".
He and his auctioneers were heavily booked already for most weekends in August.
"I'm now offering clients Sundays and midweek auctions because of the sheer numbers," Mr Hampson said.
"I wouldn't be surprised if we do 500 auctions in August."
In Liverpool 90 per cent of the apartments offered off the plan in The Bindery – part of riverfront The Paper Mill development – sold at its launch on Saturday. Prices in the Woods Bagot-designed project ranged from $400,000 up to $685,000 for a three-bedroom terrace.
The historic Redfern home of High Court judge Virginia Bell sold after 18 days on the market for an undisclosed sum. Scheduled for an August 1 auction with a price guide of more than $2.4 million, the 1850s Georgian cottage last traded in 1984 for $81,000.
There were 630 properties listed to go under the hammer and on Saturday evening Domain Group put the clearance rate at a strong 83.1 per cent, significantly up on last weekend's 80 per cent result.
"Just when we thought the market was on the slide it bounces back again with a good result," said senior economist for the Domain Group, Dr Andrew Wilson.
Selling agent Fayez Yammine of Devine Real Estate said the buyers, from Five Dock, only saw the property for the first time on Thursday.
"The market is hot," said Mr Yammine.
The previous record was $4.25 million for a non-waterfront home on the same street, which sold in March.
July is usually the slowest month on the Sydney auction calendar but not this year. Even more auctions are tipped for next weekend – almost 700 at last count – while some auctioneers are fully booked for August.
"Next weekend will be a test and the tests will keep on coming," said Dr Wilson.
There was another suburb record broken in Mascot on Saturday where a four-bedroom, renovated house in Horner Avenue sold for $2.05 million.
A young family of golfers from Lindfield, keen on moving close to The Australian Golf Club, bid $100,000 above the reserve price, and trumping another north shore couple, selling agent Adam Pierce of McGrath Coogee said.\
In Woollahra, the home of three-time Archibald winning artist Eric Smith sold under the hammer for $2.96 million - $460,000 more than its reserve price.
The dilapidated cottage and studio on 393 square metres in Small Street attracted only those with DIY in their veins, eventually selling to an Eastern suburbs builder.
At the other end of the price spectrum a studio in Newtown sold to an investor for $422,000. She was planning to rent it out until her teenage son moved out of home.
The auctioneer Will Hampson, from My Auctioneer, said the result showed there were still inner-city properties available for less than $500,000.
Although at 29 square metres, the Hordern Street unit was three times as expensive per square metre as the Cabarita mansion.
As the volume of homes going to auction continues to climb during winter many agents are starting to see fewer bidders.
Nevertheless Mr Hampson believed this had not yet affected prices, which were still "consistent with recent sales".
He and his auctioneers were heavily booked already for most weekends in August.
"I'm now offering clients Sundays and midweek auctions because of the sheer numbers," Mr Hampson said.
"I wouldn't be surprised if we do 500 auctions in August."
In Liverpool 90 per cent of the apartments offered off the plan in The Bindery – part of riverfront The Paper Mill development – sold at its launch on Saturday. Prices in the Woods Bagot-designed project ranged from $400,000 up to $685,000 for a three-bedroom terrace.
The historic Redfern home of High Court judge Virginia Bell sold after 18 days on the market for an undisclosed sum. Scheduled for an August 1 auction with a price guide of more than $2.4 million, the 1850s Georgian cottage last traded in 1984 for $81,000.
Source：http://news.domain.com.au/domain/domain-news/suburb-records-smashed-on-sydneys-busiest-july-auction-day-20150718-gif7td.html
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