Sydney real estate auctions live: Results unfold as vendors embark on selling spree

Sydney’s property market faces its first real test of the year after the ninth consecutive interest rate rise this week. Watch the replays of this weekend’s sales

Picture from the auction of 98 Turreill Point Rd Port Hacking as Auctioneer Andrew Cooley conducts the sale.

Sydney’s auction market has been reinvigorated in 2023 with a surge of home seekers attending property inspections at a time of low housing supply.

With many would-be sellers watching how the market will play out this year before listing, the increase in demand and low supply of available housing has property experts tipping a strong start to the year.

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CLICK THE ADDRESS TO WATCH THE AUCTION

Ray White Chief Economist Nerida Conisbee said there were a variety of factors that would put pressure on mortgage holders.
“It has been a stressful year for mortgage holders with average mortgage repayments increasing by $1,000 a month since the start of 2022.

“With less cash to spend on other things, this is now slowing down the economy and we saw this most clearly in retail trade figures released last week.

“Unfortunately however, inflation is yet to slow and with it hitting a 30 year high of 7.8 per cent in December, it was no surprise that the Reserve Bank of Australia increased the cash rate by 0.25 per cent today.

“While this is unlikely to be the final rate rise, it is likely that the increases will stop soon as inflation comes down.”
Avenue Auctions’ Andrew Cooley has conducted auctions for the last three weekends and believes buyers are being more cautious amid a lower volume of available stock.
Mr Cooley told The Daily Telegraph that he has experienced a 100 per cent clearance rate on his sales, a sign that things may improve for buyers in the future.
“As buyers gain more confidence about how things will play out in the market and we have a clearer idea of when rate rises will come to an end, a lot of them will see the finish line in sight.”