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‘The initial shock is over’ Buyers break reserve prices as rates rise

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Buyers are increasingly seeing properties selling at, or above reserve at auctions in September – indicating a Spring auction recovery might be well underway.

As the weather has warmed up, so too has the auction clearance rate – with recent buyer numbers at auctions over the past few weeks indicating a stabilising of the market.

The rate rise in August didn’t impact the market in a negative manner, rather seeing stronger sales results when compared to July.

74 Parthenia St in St Dolans Bay sold for $3.58m at auction over the weekend.

74 Parthenia St in St Dolans Bay sold for $3.58m at auction over the weekend.


One of the biggest sales of the day involved a Sutherland Shire home selling under the hammer for $3.58m.

Two registered bidders were actively bidding on the four-bedroom waterfront home at 74 Parthenia St, St Dolans Bay. – both bidders were local families.

Listed via APG Ray White Cronulla director Alex Pitsis, the campaign had received 63 inquiries and 46 inspections on the property. “The online views were off the charts too. The local family who bought the property did so based on its position and future growth,” Mr Pitsis said.
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Buyers have increased their competitive bids at auctions.

Buyers have increased their competitive bids at auctions.


“Astute buyers know that right now they might only have a handful of competitors for the same house, as last year I had at least nine buyers on average for each house I sold in 2021.”

“Buyers know there is still value in the prestige market. This buyer told me that this property would have been out of their reach a year ago.”

Elsewhere in Sydney, a four bedroom and three bathroom property in Western Sydney sold under the hammer for $1.18m.

Interest rate rises have failed to scare buyers over the weekend.

Interest rate rises have failed to scare buyers over the weekend.


There were eight registered bidders and four actively bidding to own 3 Forcett Close in West Hoxton.

Auctioned by Ray White’s Tim Snell and listed via Ray White Carnes Hill agent Matthew Daniel, the auction started slowly and was won by a bidder who saw it for the first time at an open home inspection on Tuesday night.

“This result is $30,000 more than three recent sales in the area, so I know it’s a good result and there’s still not much stock available.

“My seller had an impeccable presentation which helped and of course auctioning is the best way to go to get the best possible price.”

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