Auction Markets Still Hot Despite Flood Of Listings
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Auction Markets Still Hot Despite Flood Of Listings

A sharp rise in auctions had little effect on clearance rates.

By Terry Christodoulou
Mon, May 3, 2021 10:00amGrey Clock < 1 min

This past Saturday, May 1, saw the home auction markets resume at full pace with a total of 2287 auctions reported in the nation’s auction capitals, an increase of 33.9% over the previous weekend and the highest offering since the Super Saturday of March 27.

Despite the surge in auctions, the average clearance rate held firm at 83.3%, just below the 83.4 of the previous weekend.

The Sydney auction market continues what is the strongest start to the year for the local housing market since 1989.

Reporting a clearance rate of 84.6%, Sydney fell just shy of the 85.1% recorded the previous weekend, and well above the COVID-impacted 52.4% recorded this time last year.

While Sydney’s Saturday result was the second consecutive weekend of marginally lower clearance rates, it was achieved despite a 39% increase in the number of homes offered for sale.

A total of 934 auctions were reported on Saturday, compared to the previous weekends 672, while the median price of $ 1,590,500 for houses sold at auction at the weekend was 9.7% higher than the $1,449,900 reported over the previous Saturday.

Melbourne fared similarly with the auction market recording its highest clearance rate in a month – a figure of 80.1% – up on last week’s 79.0% and well ahead of the COVID-impacted 34.7% of the same weekend last year.

The strong result comes as 1084 homes were listed for auction on Saturday, well above the 835 of the previous weekend and the 157 auctioned over the same weekend last year.

Melbourne recorded a median price of $1,001,000 for houses sold at auction on the weekend which was 2.6% higher than the $975,000 recorded over the previous weekend.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only
Contact: William Brush, LJ Hooker Dural 9651 1566 

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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