Bidders are still prepared to pay over the reserve at auction

While auction clearance rates took a slight dip on the weekend, it wasn’t enough to deter some bidders paying well over reserve to secure a property in the suburb they want.

The condition of the house didn’t seem to matter too much either, with a three-bedroom weatherboard house in Granville, New South Wales, selling for $140,000 over reserve.

This was despite decor with a distinctly 1970s footprint — wood panels on the walls, built-in couches and olive green carpet throughout the rooms.

Twenty parties registered for the bidding and competed hard to secure the property which sold for $640,000.

 

The wood panelling didn’t put buyers off with this house in Granville selling for $140,000 over reserve. Source: Supplied

 

According to the latest figures from RP Data the preliminary clearance rate last week was 66.7 per cent down from 70.8 per cent the previous week.

RP Data housing market specialist Robert Larocca said all capital cities had a higher number of auctions this week compared to the same time last year.

“Sydney has seen a 63 per cent rise in the number of homes sold at auction, Tasmania a 56 per cent rise and a 48 per cent rise was recorded in Adelaide,’’ he said.

Sydney has been the strongest auction market in recent weeks with a preliminary clearance rate last week of 76.2 per cent.

 

 

14 The Avenue, North Sydney sold under the hammer for $2.75 million. Source: Supplied

 

Melbourne’s clearance rate dropped from 73.3 per cent to 64.1 per cent last week, while Brisbanes rose from 50 per cent to 52.1 per cent.

Adelaide recorded a clearance rate of 68.5 per cent compared to 65.6 per cent last week and in Canberra the clearance rate was 46.9 per cent.

Perth had a clearance rate of 38.9 per cent while in Tasmania five properties sold at auction.

In New South Wales a dilapidated five-bedroom house in North Sydney surprised many by selling for $2.75 million.

The property has harbour views, but is in need of work which could cost hundreds of thousands of dollars.

 

 

69 Broadway St, Woolloongabba sold under the hammer. Picture: realestate.com.au Source: Supplied

 

In Brisbane a home at 69 Broadway St, Woolloongabba sold under the hammer for $645,000.

The lowset three-bedroom cottage has high ceilings and polished timber floors throughout. The home is within walking distance of The Gabba Stadium.

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