North shore clearance rate reflects booming sellers’ market
An original cottage at 31 Flaumont Ave, Riverview, selling for $2.33 million was one of the results on Super Saturday.
CLEARANCE rates in the north shore hovered above 86 per cent last weekend, surpassing the overall Sydney clearance rate by more than 5 per cent.
Last weekend’s Super Saturday was the hottest auction day in Sydney’s real estate history. Across the city, there were 1018 reported auctions, with 829 of them selling successfully, CoreLogic data shows.
In the north shore alone, 40 properties sold under the hammer and 45 were snapped up before it even made it to auction.
The top sale of the week was 12 Boomerang St, Turramurra, which sold at auction for $4.85 million.
Richardson and Wrench Castlecrag’s Mark O’Brien said the weekend before Easter is typically very busy for real estate.
“People like to have their future settled before they go away on holidays,” he said.
James Pratt, Raine and Horne and JP Auctions’ director of auctions, said the high number of properties selling prior to auction shows the strong competition among buyers.
“Buyers are being proactive and motivated when purchasing auction properties,” he said.
Mr Pratt noted a growing number of property owners who had held off selling last year were tapping into the ripe seller’s market conditions and are listing their homes now.
“North shore sellers are aware there is strong interest from buyers locally and overseas,” Mr Pratt said, adding that record sales across Sydney and the north shore were encouraging sellers to list their homes before interest rates hike up and winter sets in.
“Houses are continuing to increase in price on the north shore and buyers are aware the longer they leave it to buy, the higher chance they will be paying more.”
Craig Marshall, director and auctioneer at Savills Cordeau Marshall, said his agency had eight auctions scheduled — their highest number for the year. Five sold prior to auction and all three of the remaining homes that went to auction sold under the hammer.
“Super Saturday reflected the ongoing buoyancy we are seeing in the upper north shore property market,” he said.