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

Houses worth over $2m were unheard of in one western suburb until recently - now there have been eight in a month, including two today. See the latest auction results with our live coverage

Welcome to the Daily Telegraph’s live auction coverage.

Sydney’s weekend home auction market has experienced a remarkable spring despite the ongoing constraints of coronavirus lockdowns.

Just over 85 per cent of all homes that went to auction last month sold successfully – the highest monthly September clearance rate on record, My Housing Market data showed.

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Another 700-odd properties will be going under the hammer this week and most are expected to not just sell, but change hands for well over their lofty reserve prices.

Data from Cooley Auctions, one of NSW’s biggest auction houses, showed the average auction last month delivered the seller a price $125,000 over their reserve.

That’s an impressive feat considering prices were already up nearly 25 per cent from a year ago. Essentially, sellers have set their expectations sky high and they’re still superseding them when their homes go under the hammer.

Auctions also attracted an average of 10 registered bidders. This level of competition is unprecedented. A typical auction in 2019 had three bidders.

We’ll be keeping a close watch on the biggest auctions results and other developments in the property market here: