May Auction Statistics
May deliveries continued Sydney market strength despite the chill.
We have seen a slight change in market conditions throughout Sydney, for Axford Auctions our clearance rate was slightly down on April registering at 64%. To fully understand the market we need to look deeper, we averaged 4 registered bidders per auctions down from 5 in the previous month at to the average bids placed at auction feel from 17 to 9.
What we are seeing is less buyers registering as there has been an increase in supply on the market to beat the end of Autumn. The market feels like it has run hard for 5 solid months this year and the Winter period may have come at the perfect time to allow it to breathe.
We saw the sold prior rate increase over May to 39% showing that sellers are understanding quality offers and are happy to wrap things up pre-auction.
In what was an interesting weekend, on the 27th May 2017 5 of our 16 scheduled auctions had only 1 registered bidder. Through the implementation of a 1 buyer strategy we were able to sell all 5 under the gavel, 3 of those sold above the owners reserve. Never underestimate the power of strategy and superior negotiators.
Our highlights this month were: Most Bidders – 8 Bundilla Avenue Winston Hills marketed by Award Group Winson Hills, agents Stephen Thomas and David Johnson attracted 15 registered buyers ready to compete for their little slice of the hills. 923m of land and an original 3 bedroom red brick home. The price simply sky high $1,570,000- Auctioneer Leon Axford
Most bids – 3/103 Hunter Street Hornsby marketed by Ray White Hornsby agents Jaime Garrick and Steve Noakes 6 buyers registered for this commercial workshop in the heart of the Hornsby precinct, bidding opened at $200,000 before 30 offers were placed the property ultimately selling for $475,000 – Auctioneer Leon Axford
Our Standout auction – 9 Sixth Avenue Berala marketed by Starr Partners Auburn agent Greg Okladnikov, it was a no nonsense auction in Berala with 10 bidders registering for this Berala beauty, 20 swift offers were placed with a sale price of $812,000 – Auctioneer Shaun Sheridan
Sale of the month – 8 Hilltop Road Merrylands marketed by Starr Partners Merrylands agent Daniel Starr. A simple DA approved development sight in terrific location. 3 registered bidders, 16 offers placed and sold for $980,000. This one is the sale of the month for the simple reason it was on the market for 360 days with another agent before a change in agent, strategy and method of sale delivered a sublime result.
As we look ahead to June we see good volume set to hit the market. Vendor expectations appear to be the only concern looking forward at our marketplace.