Deluge of bidding leads to bumper Aussie auction weekend

 Deluge of bidding leads to bumper Aussie auction weekend

It was a wet and windy for most of the country over the weekend but that didn’t stop buyers coming out in force across Australia’s capital cities.

Data released by CoreLogic shows that 2,731 homes were scheduled for auction across the capital cities with an impressive preliminary clearance rate of 82 per cent so far recorded.

As usual Sydney and Melbourne led the way with a whopping 1,048 and 1,319 auctions held respectively.

Despite the torrid conditions in Sydney, 87.5 per cent of auctions have so far recorded a positive result as buyers braved the conditions to land their dream homes.

Credit: CoreLogic

Ray White NSW Chief Auctioneer Alex Pattaro says that buyers are filtering their way down the property ladder after missing out on larger homes.

“We’ve seen overly large crowds and strong registrations across all Sydney properties,” he says.

“We’re seeing an increased number of buyers who have missed out on the housing market and that is fuelling demand in larger apartments,” Alex explains.

“More buyers are starting to drift further out of Sydney as prices within 10km of the CBD continue to move north.”

1/2-6 Bridge Road sold under the hammer for $1.6m

That was reflected in the sale of 1/2-6 Bridge Road in Sydney’s Inner West which was purchased for $1.6 million by the family of Chris and Verity Suttor who had been looking for a family home for a while.

“We’ve actually been ready and active in the property market for the last few months and we have narrowly missed out on a couple of auctions in the last six weeks,” Chris says.

“This home actually wasn’t on our list to start with but the size, practicality, and the awesome lifestyle location meant this ticked all the boxes for us and our two young children.”

Credit: CoreLogic

In Melbourne, of the 1,319 homes taken to auction, 78.9 per cent have been cleared so far whilst all the other major cities recorded preliminary clearance results above 70 per cent.

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