The number of homes being auctioned is on the rise, with spring signalling a busy end-of-year market. Sydney’s clearance rates have been hovering at around 65 per cent or even higher in recent weeks, showing positive conditions for sellers keen to capitalise on recent gains and make a move.
Kate Lumby, Principal of Lumby Real Estate, said “Sydney house prices had continued to lift throughout the year, although at a slower pace than recorded in 2023. There is strong demand for acreage living, particularly properties with two homes catering for extended families or blocks with scope for a knock-down-rebuild project”.
Latest CoreLogic data show while auction volumes are increasing in September, many homes are also selling prior with both sellers and buyers keen to do a deal.
“With an auction campaign, owners have the option to sell on the day or take an early offer, and both of these types of sales are unconditional,” Ms Lumby said.
“The other advantage of selling by auction is that it creates an urgency for buyers, they have to act quickly and decisively. Unlike a private treaty sale, the deal can’t fall over after valuation. Even if a property passes in under the hammer, statistically is more likely to sell within two weeks after its auction date.”
The warmer weather is enticing buyers to attend open inspections with strong demand to look at fresh new listings. Investors are also back in the market, while younger families are looking for affordable homes in the residential pockets of Glenorie and Galston.
Ms Lumby said those contemplating selling are often surprised by just how quickly a home can be appraised and launched onto the market. Their recent sales include 844a Old Northern Road Middle Dural – a 2.02ha estate with an existing home and DA-approved plans for a new five-bedroom residence, which fetched $3.75m. And 4 Heatherbrae Place Castle Hill, a single level home on 1020sqm in a cul-de-sac walking to Castle Towers Shopping sold prior to auction with 11 contracts out at $2,625,000.
“Without a doubt, lifestyle is one of the biggest drawcards for people looking to buy property in the Hills, it is a wonderful place to raise a family,” Ms Lumby said.
“We are fantastic public and private schools, beautiful parklands and a choice of housing that caters for a wide section of the community.”