Eight registered,and five were active. Two were represented by buyers agents who did not hesitate to start bidding.
Bidding opened at $1.5 million with $50,000 bids,$20,000 bids and $10,000 bids. The property was almost sold at $1.9 million before the eventual buyer bid $2500 securing it under the hammer. The house sold for $252,500 above its $1.65 million reserve.
Selling agent Trent Tarbey from McGrath Sans Souci said the rapid fire auction marked the “end of an era” for the ecstatic vendors who were “a little sad about the change of hands.”
The buyers are a young family upsizing from an apartment in Marrickville.
“Seems like people are wanting to buy now before they think the market will continue to rise given there’s likely to be a rate cut through the year,” Tarbey said.
AMP’s chief economist Dr Shane Oliver said Sydney’s clearance rate of 72.4 per cent is “quite a solid number.”
“Albeit in low volumes because of the holidays at the start of the New Year,but 72 per cent is quite a solid number. The average in February is about 67 per cent so it looks like the market is starting to anticipate interest rate cuts.”
“The next[RBA] meeting is on February 18 – the money market has about 93 per cent probability of a rate cut.”