Unity Jackson-Muir, Real estate reporter
Sydney’s auction market is delivering surprising results despite rising interest rates and project property downturns. Picture: Sam Ruttyn
Falling property prices are prompting anxiety for many homeowners but Sydney’s weekend auction market still delivered surprising results.
The latest data from SQM Research reveal properties are sitting on the market for longer as Sydney home prices fall for the eighth consecutive month in realestate.com.au figures.
Commonwealth Bank is projecting national property values will drop 14 per cent peak-to-trough by late 2027.
This would mark Australia’s deepest property crash in 45 years.
Meanwhile, Saturday auctions saw an Inner West home attract 14 bidders and a North Shore house sell for almost $2m in just five minutes.
MORE: Derelict Syd unit sells $418k under suburb median
21 Holborow Street, Croydon, NSW sold for $2.1m on Saturday. Picture: Supplied
An inner-west property attracted 14 registered bidders and sold $400,000 above the reserve in what could be the first signs of a shifting market.
Ray White figures from last week found auctions attracted an average of only 1.5 bidders, down from 3.1 this time last year.
The four-bedroom home at 21 Holborow Street in Croydon sold under the hammer for $2.1m on Saturday.
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The four bedroom, two bathroom home attracted 14 bidders at a time when average numbers sit around 1.5.
Auctioneer Clarence White of Menck White Auctioneers said he had seen a few auctions attract large crowds recently, including an Enfield home last weekend with 10 registrations .
“I could have thought the auction might have gone the other way in the shadow of the interest rate rise but we’re starting to get some more competition,” Mr White said.
MORE: Derelict Sydney homes fetch millions at auction
The home sold $400,000 above the reserve price.
“The overall stats are rubbish so I’m not calling a market shift but it’s just really fascinating to get this much interest,” he said.
The home was sold by Marco Errichiello at Rich and Olivia Real Estate with a reserve price of $1.7m and four active bidders.
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100 Atchison Street, Crows Nest sold in just five minutes.
On Sydney’s north-side, an Edwardian two-bedroom duplex sold for $1.92m in just five minutes.
The buyers are downsizers who also plan to renovate their new Crows Nest home but their son will live in the property in the meantime.
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The semi-detached duplex is a two bedroom, one bathroom.
Agent Jimmy Psaltis from Stone Real Estate Roseville & Willoughby said 100 Atchison Street sold well because of it’s character and location.
Auctioneer Edward Riley from Edward Riley Auctions said Tuesday’s interest rate rise has added another layer of caution but made buyers more selective.
The home was sold after the previous owner passed away.
“Despite the broader economic uncertainty, we saw genuine competition among bidders, which suggests buyers are still prepared to act decisively when they see value in a property,” Mr Riley said.
“Buyers are more discerning, but properties with strong underlying fundamentals can still perform exceptionally well, even against the backdrop of higher interest rate,” he said.
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