Daily Telegraph Real Estate auction blog: rolling updates from the auction market

It's a bumper weekend of home auctions across Sydney, with buyers trying unusual bidding tactics. See the latest results with our rolling auction coverage

Little choice for buyers and big prices for sellers – that’s the general theme expected to again dictate Sydney auctions this weekend when about 400 properties go under the hammer.

A considerable shortage of available housing has been the prevailing theme during Sydney’s extended lockdown and the lack of options for buyers – at a time of elevated demand – has ramped up competition.

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Last week more than 80 per cent of the scheduled auctions produced a sale, one of the strongest starts to the spring selling season. But it was coming off a low volume of sales for what’s usually a busy time of the year for property.

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With buyers squeezed across the same listings, the average number of bidders registered for August auctions was 10, property group Cooley Auctions revealed. In a normal market it’s closer to three bidders.

Ray White chief economist Nerida Conisbee said stiff competition for properties was driving “extreme” price rises.

“Although working like we used to has been a big problem, access to money hasn’t,” she said, adding that low interest rates were encouraging buyers. We’ll be including results from some of the biggest auctions here, as they happen.

Read on for The Daily Telegraph’s rolling coverage of real estate auctions: