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Bret Ransley

Bret Ransley

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Lesley Mckevett

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Residential Property Officer  

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$1 BILLION WORTH OF PROPERTY SELLS ON BIGGEST AUCTION DAY

Tuesday 31 Mar 2015 - by Domain

Some regions in Sydney had clearance rates above 90 per cent on Saturday as the city recorded the best sales rate on the biggest auction day ever.

More than $1 billion worth of property is expected to have changed hands as 1128 homes were set to go under the hammer. It didn't matter in the slightest that it was also election day.

Domain Group senior economist, Dr Andrew Wilson, said the 87.5 per cent auction clearance rate was "astonishing" and showed the "unprecedented" strength of the Sydney housing market.

"With 65 per cent of the results reported in to us, we know there were $660 million worth of sales," Dr  Wilson said. "It's almost certainly over $1 billion."

The highest result was for a rundown redbrick waterfront in Sydney's south which stunned onlookers when it sold for $6.05 million, believed to be $700,000 above the reserve.

A crowd of 250 gathered at 73 Vista Street, Sans Souci, for the McGrath St George auction of a home held by the same family for more than 70 years and 65 people had taken contracts, keen on the site's development potential.

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