Agents had billed it as one of the last great auction days of the year, with close to 800 properties scheduled to go under the hammer, and buyers responded by digging deep into their pockets to secure the homes they wanted.
Preliminary data showed nearly 85 per cent of the auctions were succesful, a marginal increase from last week’s clearance rate when 83 per cent of auctions produced a sale.
One of the biggest sales was a five-bedroom bedroom waterfront property in north shore suburb Castlecrag, which sold under the hammer for a whopping $8.71 million.
Selling agents Harriet Halmarick and Alon Beran of McGrath-Coogee could not disclose the reserve price but said the price was “well in excess of vendors’ expectations”.
In Clovelly, a newly built home on Campbell St also attracted multimillion-dollar bidding, selling under the hammer for $5.21 million.
Buyers also showed they were willing to splash out on properties even if they required work.
An Ashfield townhouse that offered only off-street parking, minimal backyard space and a dated interior drew a big crowd of buyers when it went under the hammer early Saturday morning.
Ten bidders registered for the auction of the two-bedroom home on Elizabeth St and a crowd of about 40 people came to watch the bidding get underway.
The strong interest helped push the price to $810,000, pipping the seller’s reserve price by $50,000.
Five of the registered bidders submitted offers but much of the auction was a showdown between a couple and an upsizer who bid while messaging his parents on the phone.
Together the two bidders went back and forth with nearly 20 offers until the upsizer was declared the new owner. It is understood this was the fourth time the underbidders were left empty-handed after an auction over recent weeks.
“Fear of missing out was a big factor in the auction,” selling agent David Carrozza of Cobden and Hayson said. “A lot of buyers are scared prices will start running away next year and they’re trying to get into the market while they still can.”
In Chiswick, a duplex on Blackwall Point Rd sold under the hammer for $3.155 million after attracting five registered bidders.
Selling agent Fayez Yammine of Devine Real Estate had quoted a guide price of $2.7 million to $2.8 million.
Further west, a five-bedroom house on Metella Rd in Toongabbie sold under the hammer for $1.55 million. The reserve was $1.1 million.
There were 11 registered bidders and auctioneer Michael Garofolo received an opening offer of $900,000.
“There was spirited bidding,” Mr Garofolo said. “There was a lot of serious bidding but it eventually went to two buyers who really wanted it.”
In Bossley Park in the Fairfield area, a three-bedroom brick house on Butler St sold under the hammer for $905,000, pipping the reserve by $105,000. Seventeen parties registered for the auction.
Auctioneer Rocky Bartolotto said there was a sense of urgency among buyers.
The bumper sales have come as preliminary CoreLogic data revealed Sydney’s median home price was likely to start December at 7 per cent higher than it was in July.
Part of the spike in prices was the result of low stock levels: nearly a quarter fewer homes are currently up for sale than at this time last year.