Aidan Devine 11 Dec 2021
Properties priced below the Sydney median house price of about $1.25 million have been getting a stronger response from buyers.
It comes as agents revealed the fear of missing out that defined the mood of Sydney home seekers earlier this year has been replaced by a fear of overpaying.
Among the most competitive auctions held Saturday was for a townhouse in Macquarie Park.
Seven bidders vied for the home on Fontenoy Rd and the price was pushed to just under $1.2 million. The last townhouse to sell in the suburb changed hands for $1.02 million.
Ray White chief auctioneer Alex Pattaro called the property on the market at $1.16 million and dropped the gavel at $1,195,000.
Selling agent Russell Sheffield of Ray White-North Ryde said the house attracted a lot of interest because it was well-presented and came with rare features such as additional storage space.
Many of the buyers were drawn to the home after being priced out of the detached house market in the area, Mr Sheffield said.
“It’s the domino effect,” he said. “A train of money is flowing into the strata property market now and places with courtyards are popular … a house in the area would be around $2 million.”
Close to 1900 properties were scheduled to go under the hammer this week, the highest weekly volume of sales since 2014 and an unusually high number of sales for this late into the year.
Nationally, it was the biggest auction day since CoreLogic records began in 2008.
It’s followed what’s been a busy spring selling season across Sydney, with the end of lockdown restrictions in October releasing a flood of new listings into the market.
The greater choice of available housing has helped moderate prices and auction clearance rates have slumped.
The success rate of auctions last week was a year-low of 63 per cent, roughly in line with the long-term average for Sydney auctions, but well below the 90 per cent clearance rate recorded earlier this year.