More than $180 million worth of properties have been sold across Sydney in a seismic Super Saturday auction, sparking a house-buying frenzy during one of the quietest times of the year.
Seven McGrath offices in Sydney’s West, Northwest, Hills and Hawkesbury districts auctioned 126 homes on Saturday, with a further 50 homes sold before going under the hammer.
McGrath West Group director Kon Stathopoulos said they achieved a phenomenal result on Super Saturday.
“On the day we had a clearance rate of about 68% and by 10pm that evening it was as high as 72%,” he said.
He said the clearance rate continued to rise above 80% on Thursday as the remaining homes continued to sell after the auction.
He said Super Saturday attracted about 5,000 buyers to home inspections, generated about 12 million online ad views and about 20,000 inquiries.
The group launched all Super Saturday properties on Boxing Day last year to capture the attention of buyers in what has traditionally been a four-to-five week lull with no new stock coming to market.
Mr Stathopoulos said it allowed buyers to beat the market after Christmas.
“We didn’t create this event for us, we created a gap in the market for our sellers and buyers during what is traditionally a quiet period,” he said.
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The five-bedroom house at 7 Calais Place, Castle Hill, sold for $2.81 million. Image: realestate.com.au/sold
“Five years ago, no one launched home listings until after Australia Day, so we changed the message to the sellers and buyers market, as well as agents and agencies.”
It is the sixth year in a row that the group has organized a Super Saturday auction around this time of year.
A five-bedroom house at 7 Calais Place, Castle Hill, achieved the highest sale price on the day, selling for $2.81 million.
A buyer paid $2.025 million for the five-bedroom home at 43 President Road, Kellyville. Image: realestate.com.au/sold
Other sales on Super Saturday included a five-bedroom house at 43 President Road, Kellyville, which sold for $2.025 million that day.
A four-bedroom house at 13 Glide Place, Kellyville Ridge changed hands for $1.87 million, while a three-bedroom house at 12 Railway Terrace, Riverstone fetched $1.275 million.
Mr Stathopoulos said Super Saturday attracted all types of property buyers, including first home buyers, upsizers, downsizers and investors.
“We have seen a lot of activity from first home buyers and we have seen that since the federal government introduced the new home 5% down payment arrangement” he said.
The four-bedroom house at 13 Glide Place, Kellyville Ridge fetched $1.87 million. Image: realestate.com.au/sold
“We’ve definitely seen a lot more buyer activity, especially around the $1.5 million mark.
“One thing we noticed was that price was absolutely crucial. When we had a published price on it, we saw that buyers in the guide were very price sensitive, so that seemed like a bit of a switch from the end of last year.”
Looking ahead, Mr Stathopoulos said Tuesday’s latest cash rate increase, which came just days after Super Saturday, would have a limited impact on property buyers.
“I think buyers are comfortable with not having control over what happens to the spot rate,” he said.
“These are short-term decisions that shouldn’t really impact their long-term decisions around property ownership, whether they’re an investor or an owner-occupier.
“I think people are getting on with it and we’ve got a pretty good run of six to seven auction Saturdays between now and April.
The three-bedroom house at 12 Railway Terrace, Riverstone, sold for $1.275 million. Image: realestate.com.au/sold
“Then we have an intermittent month in April with school holidays and Easter right next to each other, followed by the long Anzac Day weekend.
“We are in a good place in terms of momentum, especially in our region, with healthy equity levels in the market and good buyer appetite.”
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