Auction clearance rates near 90% in inner Sydney

Auction clearance rates near 90% in inner Sydney

by 0 comments

Educating vendors about the benefits of auctions has helped deliver clearance rates of up to 90 per cent in some Sydney suburbs, Raine & Horne said.

“We find that by educating owners and assisting them in understanding the market, it helps us set a realistic price which attracts the attention of serious buyers and ultimately results in a sale," Raine & Horne Bardwell Park principal Steve Lembidakis said.

He said auctions were now the preferred method for selling a home in his area, and results suggested it was the best way for vendors to offload their property. Bardwell Park is located 12 kilometres south of the Sydney CBD.

“In general, Raine & Horne Bardwell Park is achieving auction clearance rates of around 80 per cent, but in some individual suburbs, such as Earlwood, the clearance rate is closer to 90 per cent with homes selling before, during and after an auction," Mr Lembidakis said.

This was well up on the 63 per cent clearance rates recorded in greater Sydney last weekend, and the rates recorded in other parts of Australia.

Confirming this view was Gerry Bernhardt, sales consultant with Raine & Horne Bardwell Park, who said the buyers and sellers he spoke to commonly expected homes to be sold via auction.

“There is definitely an auction culture in the area which has been cultivated by the outstanding success rate of auctions as a method of sale,” Mr Bernhardt said.

Mr Lembidakis said buyers and investors were active, and were snapping up a wide variety of properties, including two bedroom apartments and three bedroom homes.

“A lot of our sales are in the $750,000 to $900,000 price range, which represents an affordable entry to our marketplace.”

Educating vendors about the benefits of auctions has helped deliver clearance rates of up to 90 per cent in some Sydney suburbs, Raine & Horne said.

“We find that by educating owners and assisting them in understanding the market, it helps us set a realistic price which attracts the attention of serious buyers and ultimately results in a sale," Raine & Horne Bardwell Park principal Steve Lembidakis said.

He said auctions were now the preferred method for selling a home in his area, and results suggested it was the best way for vendors to offload their property. Bardwell Park is located 12 kilometres south of the Sydney CBD.

“In general, Raine & Horne Bardwell Park is achieving auction clearance rates of around 80 per cent, but in some individual suburbs, such as Earlwood, the clearance rate is closer to 90 per cent with homes selling before, during and after an auction," Mr Lembidakis said.

This was well up on the 63 per cent clearance rates recorded in greater Sydney last weekend, and the rates recorded in other parts of Australia.

Confirming this view was Gerry Bernhardt, sales consultant with Raine & Horne Bardwell Park, who said the buyers and sellers he spoke to commonly expected homes to be sold via auction.

“There is definitely an auction culture in the area which has been cultivated by the outstanding success rate of auctions as a method of sale,” Mr Bernhardt said.

Mr Lembidakis said buyers and investors were active, and were snapping up a wide variety of properties, including two bedroom apartments and three bedroom homes.

“A lot of our sales are in the $750,000 to $900,000 price range, which represents an affordable entry to our marketplace.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does blogging help in growing your personal brand?

Yes
No
Depends on who is writing it
Depends on who is reading it
Do you have an industry update?