Lower auction volumes across capital cities: Market Wrap
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Jun 9, 2020
Lower auction volumes across capital cities: Market Wrap
As high-end property spends shorter days on the market, such as the recent St Ives property sold by Chris Orr of Savills, CoreLogic is reporting lower auction volumes.
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Savills101 Warimoo Ave, St Ives Chase was sold after only six days on the market by Chris Orr of Savills.
A spacious family home nestled in the lush suburb of St Ives Chase, on Sydney’s North Shore has sold in just six days through Savills, after an influx of offers saw the residence sell to a local St Ives family for $1,880,000, well above the owner’s expectations.
101 Warrimoo Avenue in St Ives Chase is a four bedroom, two bathroom single level family home on 930sqm.
It offers a formal living upon entry that creates a sense of separation and privacy from adjoining dining and lounge.
Chris Orr, Director, Residential at Savills Australia sold the property.
101 Warrimoo Ave, St Ives Chase sold by Chris Orr of Savills. Picture: Savills.
“There is pent up demand for quality property in Sydney’s North Shore and this sale was an example of how a carefully positioned marketing campaign and quality database can attract strong competition," said Mr Orr.
“With 62 inspections over a six day period and a result 12 per cent higher than the client’s expectations, it certainly feels like we’re at the start of another bull market.”
Mr Orr told WILLIAMS MEDIA there are some segments doing surprisingly well, such as houses in the Upper North Shore secondary schools precinct, while the majority of other markets and segments are now fairly stable again.
"I’d say for the most part it’s a balanced market," said Mr Orr.
"Well priced listings are selling quickly which is a sign of continued confidence however there are still buyers and sellers in both camps when it comes to positive or negative sentiment.
"This signals a return to normal behaviour."
Mr Orr said we’ve all got to live somewhere.
"With low stock levels, cheap mortgage rates and continued demand, values seem to be holding fairly steady," said Mr Orr.
Auctions
This week, CoreLogic reports 694 capital city homes were scheduled for auction, with preliminary results returning a 59.8 per cent clearance rate.
Source: CoreLogic
The lower volume of auctions came as most states and territories welcome the Queen’s Birthday public holiday on Monday.
The previous week saw 856 homes scheduled for auction and a final clearance rate of 61.3 per cent, the third week in a row where the final clearance rate held above 60 per cent.
One year ago, there were 805 homes taken to auction and a 48.3 per cent clearance rate was recorded.
Source: CoreLogic
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