Amidst news of interest rates rising this week, there has been a flurry of activity at Sydney auctions as home seekers attempt to secure properties before banks void their loan approval. With the number of scheduled auctions this week dropping due to the long weekend at approximately 400, preliminary numbers suggest a majority of these auctions have been surprisingly successful all things considered.
This news has come as a surprise to economists and the real estate market; usually, when interest rates rise, the amount of properties successfully sold at Sydney auctions can be significantly affected.
A Coogee seller in the eastern suburbs sold their home at auction for $2.88m, $430,000 more than they paid for it the previous year after spending $30,000 on a renovation. This was $80,000 more than the reserve price of $2.37m.
After attracting six bidders at auction, a three-bedroom house in Marrickville, in the inner west, was sold by Ray White Eastern Beaches agent Angus Gorrie for $2.525m. Five buyers had originally registered to bid, one of whom was reportedly a developer intent on a knockdown rebuild project. Initially, the sale had been expected to fetch a price near $2m.
Adrian Tsavalas of Adrian William had been astoundingly successful, showing through 128 groups over two and a half weeks at the open for inspections which caused the auction to be moved forward a week. The price was nearly $200,000 above the reserve, which was based on a pre-auction offer received earlier that same week.
