Recent interest rate cuts have continued to drive an upswing in the property market, with Sydney’s auction clearance rate hitting boom levels and sellers pocketing sums well beyond expectations.
Preliminary indicators revealed about 80 per cent of auctions scheduled last week produced a sale – a level normally seen during boom periods characterised by significant growth in prices.
Last week’s clearance rate was the highest reported since autumn 2024.
Auction volumes were up too, with the volume of capital city auctions surpassing 2,000 for the first time since the end of June. About 700 of those auctions were in Sydney.
The Thornleigh home auction was held on Saturday
Ray White NSW and ACT chief auctioneer David McMahon said there was a noticeable shift in market behaviour this week across the group’s 123 scheduled auctions.
“A number of agents reported that vendors had increased their expectations off the back of the recent interest rate cut, combined with the strong bidding activity seen at last week’s auctions,” he said.
“While this did create larger gaps between buyers and sellers in some cases, we still saw competitive bidding, with an average of 4.6 registered bidders and 2.7 active bidders per auction.”
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This home on Roach Avenue sold under the hammer for $1.95m
An auction on Roach Ave in Thornleigh sold under the hammer for $1.95m with six registered bidders, four active.
Listing agent Ray White Upper North Shore’s Nathan Leuzzi said that the sun was shining for the first time in a while in Sydney, which made for a beautiful auction day.
“Our winning bidders were a young couple who are upsizing from an apartment in Pymble,” Mr Leuzzi said.
Inside the Roach Avenue home
“It is a great result for the area, and the market seems to be very competitive at the moment with an uptick in buyer confidence.
“Most of the buyers were young couples and a few downsizers.”
This home on Irwin Crescent sold under the hammer for $2.45m
Another home in Bexley North on Irwin Crescent had seven registered bidders with five active.
The home sold under the hammer for $2.45m. The reserve was $2.4m.
Lead agent George Boghos said the sellers were a couple in their 80s moving into aged care. “Their children were there on the day and it was very emotional, they grew up in this home,” he said.
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Inside the Irwin Crescent home
The winning buyers were a young family moving locally.
“They were looking to get off the main road and into a peaceful, family-friendly street,” Mr Boghos said.
“They have one child and this home was a perfect fit.”
Mr Boghos said market conditions in the area remained strong.
“You have to work hard, but the buyers are out there and results are coming through,” he said.
“I’m fortunate to have a solid amount of stock at the moment, and I can confidently say the market is holding strong.”
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The buyers for the Irwin Crescent home
Mr Boghos also highlighted the importance of creating strong auction campaigns.
“There was a great crowd at the auction,” he said. “I’m a firm believer that you can’t sell a secret. If you’ve got even two hot buyers, you’ve got a competitive auction.
“It creates competition, it’s open and transparent, and that’s great for buyers too. It’s a win-win.”
Auction activity is set to rise further next week, with approximately 2,430 properties scheduled to go under the hammer.
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