Auctions are a mixed bag this year with some properties performing extremely well at auction and others leaving people wonder why the auction even went ahead.
The reason for this may be that where there is a lot of confidence in a property and its inspection numbers an auction may be the best way to achieve the higher result, much like the last four or five years. However, some properties may have had interest which has come and gone throughout the campaign and ultimately the auction is a chance to just see whether there is any remaining interest, which can have varying results.
So far this year the clearance rate has reflected this and anecdotally on the streets, we are certainly seeing this in the market.
Sydney auction results were actually quite good at the weekend at 67% with 702 Auctions scheduled to go up and 431 reported to have taken place.
The median sale price of property sold at the weekend was $1,200,000.
Across the Upper North Shore and North Shore area;
80 properties hit the market
70 properties were scheduled to go to Auction
Clearance rate was 66%
Thomas Merriman.
Thomas Merriman 