Today’s post-Easter auction return saw lighter than usual activity, as vendors and buyers confronted heightened uncertainty alongside a drop in scheduled sales.
There were 707 auctions scheduled in Sydney this week, down 46 per cent year-on-year with 1067 auctions scheduled next week, up 144 per cent year-on-year, according to preliminary reports from PropTrack
For many, auctions this weekend came at a time of economic headwinds including uncertainty felt amid global conflict and a forecast of a further interest rate hike from the Reserve Bank in May.
It also followed the Easter weekend hiatus, the first of two shutdowns in April.
David McMahon calls the auction at 610 King Street, Erkineville
Ray White head of auctions NSW David McMahon said their data also pointed to a dip in scheduled volumes this week, with 147 metro and regional auctions, a 24 per cent year- on-year decline.
There was, however, a rise of average registered bidders to 4.9.
“Historically around the Easter long weekend period, volumes are typically light,” he said.
Certain pockets across the city remained resilient due to demand – Sydney’s Inner West was one.
This morning, 610 King Street sold under the hammer for $1.72m, clearing its reserve of $1.7m and $1.6m guide.
The tri-level terrace with a bustling street at its doorstep saw eager buyers and bystanders gather for its result.
610 King Street, Erskineville
Auctioneer Mr McMahon took an opening bid of $1.66m.
There were two registered and two active bidders, with a short sprint to the finish line including bids of $1.7m and $1.702m.
The vendors, twin brothers Toby and Max Younger had purchased the home 13 years ago around $835,000, living there for six years then renting it out.
With Max travelling and Toby, a baby on the way, it was time to sell.
“There’s quite a lot of uncertainty at the moment – but to get a result we were happy with – it’s exceeded our expectations,” Mr Younger said.
For new owners Seymour Tier and partner Scarlett Steven, the location was the drawcard.
“I’ve been living a 10 minutes’ walk from here for the last five years and it has everything that you need,” Mr Tier said.
“I love the size and once you get in here you can’t even tell that you’re on King Street, there’s a lovely quiet backyard area, it’s got everything.”
The backyard of the tri-level terrace home
Searching the market for around seven weeks, Mr Tier said four weeks ago it “was looking very scary.”
“We’ve watched fewer people showing up to inspections and fewer people coming to auctions,” he said.
“There’s obviously very scary things going on in the world, but we were lucky to be able to get this place when we did.”
Agent Moira Verheijen of Ray White Erskineville, Alexandria, Glebe and Surry Hills said the purchasers are “the lucky winners.”
“There was a lot of speculation on where this would land, but it’s a great price for a five-bedroom house right on King Street,” she said.
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A hot competition in Mosman saw a four-bedroom house smash its $4.85m reserve, selling for $5.3m.
An opening bid of $4m began the hard-fought competition, with three registered and three active bidders for 14 Erith Street.
“This was one of those auctions where once competition took hold, it became a matter of who wanted it most, and in that environment, the market speaks with absolute clarity,” Auctioneer Edward Riley of Edward Riley Auctions said.
The home sold via Stefon Bertram and David Smeallie of Pello Lower North Shore.
“With buyers flowing directly from a nearby auction and feeding off that competitive energy, it became a classic case of social proof in action, where transparency under the hammer gave three emotionally invested families the confidence to keep stepping forward,” Mr Bertram said.
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1/58 Anthony Road, Denistone. nsw re
Another hot result saw a North West villa at 1/58 Anthony Road, Denistone sell for $1.605m, above its $1.45m reserve.
The three-bedroom home was one of the most viewed properties of the week on realestate.com.
It sold via Jeff Jianfu Luo and Wenjie Luo of Stone Real Estate Beecroft, Castle Hill and Epping.
“There were seven registered bidders – it was really hot competition ending between a downsizer and first home buyer,” Ms Luo said.
