Sydney has recorded a 79 per cent auction clearance rate for the week, but home values have dropped slightly
- The Daily Telegraph
- August 26, 2013
SYDNEY edged out Melbourne for auction clearance rates last week to remain on top in the battle of the capital cities.Sydney saw 346 auctions cleared out of 438 reported to RP Data, for a rate of 79 per cent, continuing a recent run of near 80 per cent results.
Melbourne, Australia's largest auction market, had one of its strongest results for the year, clearing 474 of 612 auctions, for a rate of 77.5 per cent.
Adelaide was the other notable capital, clearing 29 of 41 auctions for a rate of 70.7 per cent.
Canberra with 55.6 per cent was the only other capital to clear half or more of all auctions.
The good result failed to translate into value growth for Sydney, which experienced a 0.2 per cent drop in home values. While only minor, the second straight negative week brought the 2013 value growth back below 7 per cent and the monthly growth to just 0.2 per cent. Values are up 6.9 per cent for the year to date and 6.2 per cent.
Sydney listings continue to be snapped up faster than anywhere else, with properties spending an average of just 30 days on the market, compared to next best Melbourne (40 days) and Canberra (50 days).
One property that was ahead of average for days on market was a two-bedroom semi at 8 Edward St, Marrickville, which was snapped up for $850,000 after just seven days on the market.
Location was the key, according to Tony Day of Day and Hodgson Real Estate, with buyers attracted by proximity to Marrickville's main shops, good schools and two train stations.
The sale completed a Marrickville double for the agents, who also offloaded a freestanding house at 31 Robert St for $1.1525 million.
To the south, a two-bedroom, two-bathroom Miranda unit sold for $675,000, an impressive $125,000 over the initial reserve.
The property, at 70/7-15 Jackson Ave, was sold through Lucas Harwood of Highland Property and set a new block record, $145,000 higher than the previous price high of $530,000, set in February this year.
A Rosebery couple won the day when a house at 59 Florence St, Eastlakes went under the hammer, securing the property with a bid of $1.065 million.
Originally expecting a result in the mid $900,000s, Nicholas Efrossynis of Ling + Simmons Kingsford said the result showed "incredible market confidence in the Eastlakes area, as well as surrounding Mascot and Botany."
A four-bedroom home on a large block sold for $20,000 above reserve through Leanne Ollerenshaw, principal of Laing + Simmons Wentworthville.
The house at 115a Bogalara Rd, Old Toongabbie sold for $620,000 to a local buyer who also has family in the area.
The vendors had moved out several years ago and rented the property in the meantime, before deciding the time to sell had arrived.