Sydney auctions soar
Sydney vendors are realising the benefits of taking their home to auction, with some suburbs experiencing clearance rates of up to 90 per cent, Raine & Horne said.
“We find that by educating owners and assisting them in understanding the market, it helps us set a realistic price which attracts the attention of serious buyers and ultimately results in a sale," Raine & Horne Bardwell Park principal Steve Lembidakis said.
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He said auctions were now the preferred method for selling a home in his area, and results suggested it was the best way for vendors to offload their property. Bardwell Park is located 12 kilometres south of the Sydney CBD.
“In general, Raine & Horne Bardwell Park is achieving auction clearance rates of around 80 per cent, but in some individual suburbs, such as Earlwood, the clearance rate is closer to 90 per cent with homes selling before, during and after an auction," Mr Lembidakis said.
This was well up on the 63 per cent clearance rates recorded in greater Sydney last weekend, and the rates recorded in other parts of Australia.
Confirming this view was Gerry Bernhardt, sales consultant with Raine & Horne Bardwell Park, who said the buyers and sellers he spoke to commonly expected homes to be sold via auction.
“There is definitely an auction culture in the area which has been cultivated by the outstanding success rate of auctions as a method of sale,” Mr Bernhardt said.
Mr Lembidakis said buyers and investors were active, and were snapping up a wide variety of properties, including two bedroom apartments and three bedroom homes.
“A lot of our sales are in the $750,000 to $900,000 price range, which represents an affordable entry to our marketplace.”