Auction rates soar

Hot property: More than 730 auctions across Sydney were held last Saturday. Picture: Lisa McMahonTHE residential property market was booming over the weekend, with more than 730 auctions scheduled across Sydney — the highest number held since 2010.
Nanjing Night Net

Fairfax-owned Australian Property Monitors put the clearance rate at 53.8 per cent.

Sutherland Shire real estate agent and Real Estate Institute of NSW president Christian Payne said the weekend before Easter was traditionally a popular time to buy or sell.

“The market was a little slow over January and February, which saw buyers holding back,” Mr Payne said of the pre-Easter rush. “Lots of people were looking to buy and secure their property before Easter. Prices weren’t so much going too high above reserve but there were more decisive buyers.”

A waterfront property at Burraneer was one of the highest sales on Saturday, fetching $4.96 million.

The luxurious abode originally had an asking price of more than $8 million but a struggling prestige market resulted in a reduction to more than $6 million in January.

Saturday’s sale was the highest price paid in the area in the past 12 months, with Australian Property Monitors recording $4.36 million as the previous highest.

Selling agent Kieran Bresnahan of McGrath Real Estate said the vendors were hoping for more but were happy with the outcome.

“The prestige market is not perfect at the moment but the vendors are pleased they can move on,” Mr Bresnahan said.

There were four bidders and a crowd of about 50 people at the auction.

The five-bedroom, five-bathroom property was once home to the contestants on Foxtel’s Australia’s Next Top Model.

The home featured 180-degree water views, a theatre room, 20-metre lap pool and six living areas. It had previously been tenanted after the vendors moved out.

Posted by at 06/06/2018
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