A string of properties across Sydney have scored decent results at auction after attracting stronger than expected competition in what continues to be a challenging market for home sellers.
Most vendors struggled, with buyers reeling back from sales over fears of continued interest rate hikes, but agents reported there was competition for “A-tier” homes, or top-shelf listings.
Agents attributed part of the reason to “more realistic” pricing from vendors, who have adjusted their expectations following months of price falls and sub-50 per cent auction clearance rates.
There were also fewer homeowners selling in a lot of areas – many fearful of taking too big a hit in a falling market – and this has kept something of a floor under the market in some suburbs.
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Auctioneer Chris Scerri calls bids on a home that sold for about $2.35m in North Ryde. Picture: Jeremy Piper
Among the standout auctions was for a beachfront home in Brighton-Le-Sands, which changed hands for $5.575m – $425,000 above the reserve given to selling agent Trent Tarbey of McGrath-Sans Souci.
In North Ryde, a duplex on Parklands Rd sold for $2.345m, beating the reserve by $45,000. Auctioneer Chris Scerri, director of Scerri Auctions, said the competition was “really strong”.
Five bidders registered for the auction with selling agent Atlee Hsu of Premier Property and all five participated.
“There was little hesitation,” Mr Scerri said. “It was a good quality home and the owner was well aligned with the market.”
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This home on The Grand Parade in Brighton-Le-Sands sold for $5.575m.
Mr Scerri said there was still a strong sense of buyer caution across most of the market but there was a contingent of purchasers who were “just getting on with it”.
“Not every property is selling, but it does feel like things have been slowly improving in recent weeks. But it depends a lot on the property.”
Further west, in The Ponds, a five-bedroom house on Camomile St sold under the hammer for $2.25m, $50,000 over reserve. Four bidders registered.
Auctioneer Stu Benson said most of the auction was a showdown between two groups. A listings shortage was keeping a floor under prices, he added.
Five bidders registered for the auction for this North Ryde duplex.
“Buyers remain cautious but active here in the Hills Shire, with limited new stock levels,” he said. “Buyers certainly aren’t spoiled for choice right now.”
Ray White-Northern Beaches agent Eddy Piddington said buyers were spooked by the prospect of purchasing a home that fell in value after purchase but they often overlooked the opportunity this created.
He noted it was an “excellent” time to upsize as those who traded up stood to get their next home for a larger discount than the drop they would get on the property they sold.
Cheaper units were still in demand and had often seen smaller adjustments in prices, but freestanding houses above $2m had seen much larger falls. “Upsizers benefit from that,” Mr Piddington said.
Buyer’s agent James Thompson of Rethink Residential said many would-be buyers were overly focusing on the negativity around the market without keeping the broader picture in mind.
This Surry Hills home on Phelps St sold under the hammer for $420k above the 2020 price.
“It’s absolutely a better time to buy now,” he said. “It’s highly unlikely you will get any immediate capital growth on your property in the next year … but you will get a much better price.”
Auctioneer Edward Riley said the best listings still had competition because they were rare and there was a general lack of listings in some areas, although he cautioned: “it’s important not to get too far ahead of ourselves”.
Among the other auctions this week, a 126-year-old, two-bedroom terrace in Surry Hills sold under the hammer. The price was $420,000 higher than what the vendors paid in 2020.
The home on Phelps St had sold for $1.31m six years ago and resold at auction for $1.73m. There were four registered bidders.
This Colin Ave home in Cammeray went to auction with a guide of $3m and sold for $3.15m.
The buyer was a young family. Selling agent Charles Touma of Ray White-Touma Taylor said the home was popular because of the location near amenities and 50 people watched the auction.
A deceased estate in north shore suburb Cammeray sold at auction for $3.15m, $150,000 over the price guide and $50,000 above reserve.
There were five bidders for the Colin St home, registered with selling agents Raine and Horne. Auctioneer Edward Riley received an opening bid of $2.8m.
