PHOTO: The Prestia family are selling their renovated Clareville house at auction on Saturday. Picture: Toby Zerna Source: News Limited
Larger houses in the Canterbury-Bankstown area, lower north shore and other pockets close to the CBD have been getting the best results at auction since the COVID-19 crisis began.
Auction clearance rates in these areas were the highest in the city over the past three months, with three in four auctions producing a sale in the suburbs of Cremorne, Leichhardt and Revesby.
Auctions also delivered stronger results in Wollstonecraft, Bondi, North Bondi, Elizabeth Bay and Alexandria, where about two thirds of auctions were a success, according to a CoreLogic review of the past quarter of sales.
The higher clearance rates in these areas generally indicated buyers were competing for a small pool of available properties – considered favourable conditions for auctions.
It was a different story in much of the rest of the city, where auctions tended to get mixed results.
The lowest suburb clearance rates were recorded in Botany and Cronulla in Sydney’s south, where less than 30 per cent of auctions were a success for the vendors.
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