Homebuyers Bidding High on Home Auctions to Freeze the Deals before Holiday Season Kicks-Off
According to Core Logic RP data, Sydney, homebuyers in selected areas are bidding hundreds of thousands of dollars above seller expectations. Data figures showed over 1,259 auctions in the last week with an auction clearance rate of 71.2 per cent.
More than nineteen parties registered for the auction, with the bidding starting at $ 1.5 million whereas winning bid went to $ 1.735 million. The auction received massive participation from people, a crowd of over 100 people attended it. Another property that received strong bidding results from buyers was a double story luxury home in Cecil Hills. With bidding starting at $900,000 and eventually hitting the winning bid of $1.235 million to $135,000 over the reserve.
Core Logic RP Data housing market specialist Robert Larocca added – “Market activity had given vendors the confidence to schedule home auctions right until Christmas”. He added, The Sydney auction market has delivered very good outcomes for sellers this year with a higher clearance rate and number of sales”. He said the auction clearance rate for the year is likely to be 74.5 per cent, higher than the 72.7 per cent recorded over last year’s frenzied selling environment.
Even properties that were not able to sell at the auction held on Saturday, continuously kept receiving strong results and one among such property was a three-bedroom unit in Glebe, though it failed to sell at auction but sold after an hour after the event ended for the reserve price of $3.66 million.