What a difference a year makes as pre-Easter auctions take a dive
What a difference a year makes in real estate.
Not only have Sydney house prices fallen by 11.5 per cent in the past 12 months but the number of residential properties in the northern district slated for auction the weekend before Easter has more than halved.
Traditionally, the weekend is granted “Super Saturday” status because of the large volume of properties listed for auction before the start of a series of holidays including the Easter long weekend, school holidays and Anzac Day.
Last year, 76 northern district properties were up for auction in the lead up to an early April Easter.
This coming weekend, CoreLogic recorded just 33 properties — more than a 50 per cent drop on 2018.
West Ryde tops the list with six auctions — five houses and one townhouse.
A modest weatherboard house at 7 Eulalia St, West Ryde, will be first cab off the rank at 10am.
Kate Seehusen from NNW Property – Epping said the three-bedroom house with a guide of $980,000-$1.050 million appealed to young families and first homebuyers.
“A year ago, you would never have seen a house in West Ryde with a guide under $1 million,” Ms Seehusen said.
“That’s really good value and it gives buyers the option of coming into the market.”
About 60 groups inspected the neat-as-a-pin house on 632sqm.
Ms Seehusen described the rest of the month as a “write off” for auctions.
“April is a dead month,” she said.
“I have a couple of properties that I am holding back for launch in early May.”
Ms Seehusen said she expected at least three serious bidders on Eulalia St.
“All you need is three, that’s the perfect auction,” she said.
A property at 25 Anthony Rd, West Ryde, is set to go at 3pm, which coincides with the auction of two other West Ryde properties.
Michael Dowling from McGrath — Ryde is confident the 973.77sqm property has several strong points of difference from its would-be competitors — the house is single level and it has a separate granny flat.
“In West Ryde, there’s not a lot of quality properties on the market for $1.5 million-plus. Any property in the $1.8 million to $1.9 million category gets a lot of interest.”
A total of 71 groups inspected the property and Mr Dowling expects four to five buyers to register to bid.
The property has a guide of $1.9 million.
Mr Dowling said last year’s Super Saturday was driven by owners desperate to offload their properties before the real estate bubble burst.
“Last year, everyone was rushing onto the market because they didn’t want to miss the boom, whereas this year my owners are selling because they want to upgrade or they have already committed to another property,” Mr Dowling said.
“This year, people are selling for different reasons — not to win LOTTO.”