Sydney auctions: Top homes beat reserve in tough market

A string of properties across Sydney have scored decent results at auction after attracting stronger than expected competition in what continues to be a challenging market for home sellers. Most vendors struggled, with buyers reeling back from sales over fears of continued interest rate hikes, but agents reported there was competition for “A-tier” homes, or top-shelf listings. Agents attributed part of the reason to “more realistic” pricing from vendors, who have adjusted their expectations following months of price falls and sub-50 per cent auction clearance rates. There were also fewer homeowners selling in a lot of areas – many fearful of taking too big a hit in a falling market – and this has kept something of a floor under the market in some suburbs. MORE: Now illegal: Council to rip down home feature Auctioneer Chris Scerri calls bids on a home that sold for about $2.35m in North Ryde. Picture: Jeremy Piper Among the standout auctions was for a beachfront home in Brighton-Le-Sands, which changed hands for $5.575m – $425,000 above the reserve given to selling agent Trent Tarbey of McGrath-Sans Souci. In North Ryde, a duplex on Parklands Rd sold for $2.345m, beating the reserve...