Daily Telegraph real estate auction blog: rolling updates from the property market

It’s been a bumper month for auctions but agents have got results that would have been unthinkable only a few weeks ago. See the biggest results from the weekend.

Welcome to The Daily Telegraph’s weekend auction coverage.

New listings have been flooding the housing market since Covid lockdowns ended in October and the increased volume of sales has helped calm the once booming housing market.

Saturday marked Sydney’s biggest day of auctions recorded this year, with more than 1000 homes going under the hammer. It came on the back of about 400 auctions earlier in the week.

SEE THE LATEST RESULTS BELOW

This week’s volume of auctions was a 91 per cent rise from when social restrictions lifted in early October, according to research group CoreLogic.

Auctioneers told The Daily Telegraph the market was unrecognisable to how it was in lockdown.

Most auctions a few months ago were attracting seven to 10 bidders, but many of the homes that went under the hammer this weekend were contested by just two bidders or simply passed in. Others were withdrawn from auction after failing to attract enough interest.

Amid all this, there were still plenty of massive sales – but they tended to be the rare properties, trophy homes or those in prized locations that were highly sought after among buyers.

So-called “blank canvases”, properties with development potential in densely populated areas, also sold well as they offered rare opportunities for builders to create new housing within inner suburbs.