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NSW: Sydney inner west market was on all fire on its first online auction weekend

6Mo ago 0 Replies 191 Views
The National Cabinet’s decision to place a ban on on-site and in-room auctions had little impact on the inner west, with the region recording the best clearance rate in Sydney.
CoreLogic reports that the inner west scored a 68 per cent clearance rate with 51 out of 75 properties selling on the day or prior to it.
Despite the clearance rate being 10 per cent down from last week, it was still 21 per cent above the Sydney-wide score of 47.3 per cent.

The region was also 11 per cent ahead of Ryde, which was the second best area in Sydney with a 57.1 per cent clearance rate.

In Marrickville, a four-bedroom home sold via online auction to a family who viewed the property just four hours before it went under the hammer.
The family went up against three other buyers for 15 Tamar St, Marrickville, which was broadcasted via Auctionslive, with Richardson and Wrench Marrickville staff on phones to bidders as back-up in case of any technology glitches.
The competitive auction saw the home sell for $15,000 above the reserve at $1.515 million.
Richardson and Wrench Principal Aris Dendrinos, said it was a difficult decision whether to move to a private treaty sale, but the vendor was determined to proceed with an online auction.

“We had a lively auction that was kind of weird exciting, a vendor who was prepared to meet the market if necessary, and enough competition to produce a strong sale,” he said.
A bidding frenzy from eight registered bidders saw a quintessential Newtown semi sell for $85,000 above reserve.

After the opening bid of $1.15 million, more than 90 bids were traded between four active buyers, before a young single male landed the knock out blow of $1.415 million.
Ray White Surry Hills director Shaun Stoker said despite the auction not taking place on-site at 88 Darley St, it was highly competitive.
“We’d carried out dry-runs for a few hours on Thursday and Friday to ensure our bidders and buyers had a smooth and seamless experience and that certainly paid off today,” he said.

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