A severe Delta variant COVID-19 outbreak was not enough to stop real estate activity in the eastern suburbs, as a Coogee family turned into a two-bedroom semi-detached house in Clovelly for $ 2.88 million dollars Saturday.
The lockdown meant that all of Sydney’s auctions were held online. Six parties have registered to bid at 44 Arden Street in Clovelly.
It was one of 747 homes slated to go under the virtual hammer in the city on Saturday.
In the evening, Domain Group recorded a preliminary clearance rate of 69.4% out of 507 published results, while 139 auctions were withdrawn. Canceled auctions are counted as unsold properties when calculating the liquidation rate.
44 Arden Street, Clovelly NSW 2031
Auctions opened at $ 2.6 million, hitting the price guide, and increased in varying increments, with four parties participating in the sale, mostly local families from Bondi and Waverley looking to renovate.
The dead 221 square meter estate was sold for $ 2.88 million – $ 80,000 over the reserve – to a young and extended family in Coogee.
McGrath Coogee’s Marnie Senior said the latest foreclosure hasn’t affected the market.
“I don’t think COVID affected the outcome,” Ms. Senior said. “The buyers were all there from day one. “
She said it was “really, really strong when we opened today” and noted that one property had drawn 21 individual inspections on Saturday.
“No sign of slowing down, the number of online inquiries is really the same. The volumes are still there. There is no change there and they still want to buy as soon as they can.
91 Barcom Avenue, Darlinghurst NSW 2010
In Darlinghurst, a local owner-occupier bought a five-bedroom terrace at 91 Barcom Avenue for $ 3.625 million, outbidding several investors.
Five parties have registered to bid on the dilapidated house, including three investors seeking to return it.
The auctions opened at $ 2.7 million – $ 100,000 below the guide price – but have risen steadily as four parties raised the price.
The hammer fell to $ 3.625 million, or $ 525,000 more than the reserve of $ 3.1 million.
Jeremy Brink, of Ray White Taylor and Partners, said this was an exceptional result for a unique property that was hotly contested.
“Buyers and sellers are familiar with the lockdown and COVID, so it’s not alarming [and] things are still being traded at current market rates.
The last property sold for $ 190,000 in 1987, according to records.
4 Boundary Road, North Epping NSW 2121
In North Epping, a three-bedroom house at 4 Boundary Road sold for $ 1.867 million after being put on the market for the first time since 1959.
Five parties have registered to bid on the 753 square meter property. The process opened at $ 1.6 million, or about $ 150,000 below the guide, and all but one bidders participated.
The house was sold to an older couple who planned to demolish it to build a single story house around the corner from their daughter’s house. The reserve was $ 1.8 million.
Catherine Murphy of the Northern Agency said the latest lockdown would lead to a reassessment of the living situation by more people.
“We are expecting a lot of buyer activity – because of this lockdown, it will start galloping again,” Ms. Murphy said. “There is confidence that we will get out of this, the economy will not fall into a hole and life will go on.”