Selling a house for more than $1m over reserve used to be an incredibly rare feat even in Sydney’s rollercoaster property market but it’s now occurring with multiple property sales – each week.
This weekend marked the highest volume of Saturday auctions since the COVID outbreak and the fourth biggest day of sales on record in what agents said was a “major test for the market”, which has been firing on all cylinders this year.
Higher auction volumes have traditionally correlated with a drop in the success rate of sales but it appeared not to be the case this time around.
Preliminary indicators showed at least 80 per cent of sales were a success, with many properties selling for hundreds of thousands above what similar homes traded at just a few weeks ago.