Auction rates cop hammering from footy
SYDNEY’s auction clearance rate plummeted to 44.39 per cent yesterday — the lowest in a decade — as buyers focused on the long weekend and footy.
There were just 380 auctions scheduled — well down on last week’s super Saturday of about 800 — and CoreLogic auctions commentator Kevin Brogan said the result was based on the 223 that had been reported.
The preliminary clearance rate was 14.71 per cent down on last Saturday.
Mr Brogan said the last time the clearance rate was this low was December 14 in 2008, when it hit 43.6 per cent.
Many agents had a sense that auction carnage lay ahead and were frantically trying to stitch up a deal in the days leading up to the long weekend. The clearance rate includes those sales.
Yet some buyers stayed focused on the opportunities at hand, with wellpriced properties attracting considerable competition.
A Bondi Junction deceased estate had five registered parties and sold for $500,000 above reserve, while a Crows Nest two-bedroom cottage sold for $200,000 above reserve.
2 Council St, Bondi.