Auctions set to continue, say agents
There have been some big results under the hammer across Sydney's east over the past week and this morning agents said auctions would proceed while adhering to social distance rules.
Several who initially switched their campaigns to expressions of interest yesterday are now back embracing auctions, saying there's no reason they can't continue.
And after waiting for Gladys Berejiklian's comments this morning which focused on schools, leading auctioneer Damien Cooley said: "We are proceeding with business."
Only registered bidders will be allowed at his midweek auctions held at his Double Bay rooms and buyers can also bid online via his AuctionNow platform, which is winning the praise of agents.
McGrath Estate Agents started live streaming auctions on the weekend.
Ray White Double Bay principal Elliott Placks is proceeding with the auction of a six-bedroom home at 37 Wentworth Rd, Vaucluse on April 4.
"We're seeing good attendance at auctions," Mr Placks said.
"We'll obviously be respectful of the government rules at auction venues, ensuring everyone is bidding within safe distance of each other to secure the asset they want to buy."
He's already received an offer on the property just under the $14 million to $15 million price guide, which has been rejected.
Auction results from Saturday across Sydney were pretty good under the circumstances.
CoreLogic auctions commentator Kevin Brogan put the preliminary clearance rate at 66.9 per cent from 501 auctions.
However, that includes 182 that sold prior to auction as vendors and agents raced to get the deal done.
The biggest auction sale on Saturday was 111/95 Elizabeth Bay Rd, Elizabeth Bay, which went for $4.225 million - $725,000 over reserve through Jason Boon of Richardson and Wrench Elizabeth Bay.
And last Monday, Laing and Simmons Double Bay's D'Leanne Lewis sold Pru Kenny's home at 23 Thorne St, Edgecliff for $3.86 million - $650,000 over reserve.
There seems to be no reason auctions can't proceed.
Some of the 11 bidders who lined up for a Vaucluse deceased estate at Wednesday's onsite midweek auction thought coronavirus fears might mean a bargain.
But the two-bedroom cottage plus study at 5 Parsley Rd sold for $5.25 million - $750,000 above reserve - with five bidders competing.
It was one of several decent sales for the Double Bay office of Sotheby's managing director Michael Pallier. "It's been a really big week, with more than $35 million worth of sales," he said.
Mr Pallier said with the Australian dollar as low as 56 cents to the US dollar, a buyer from Hong Kong had commented to him that "Australia is now on sale".
He expected that many buyers with money - local buyers too with interest rates dropping again - would now capitalise on the situation, knowing that the "sale" would be over by year's end and prices would "take off again" in 2021.
"We're still getting just as much inquiry as before … there's still plenty of money around," Pallier said.
Although there were several bargain hunters at the Parsley Rd auction, others were prepared to pay market value for the older-style home on the 837 sqm block of the late 94-year-old Christina Armour, who donated the proceeds to local charities.
With bidders spread safely from each other, offers started at $3.7 million. The buyer was a local family.
Originally published as Auctions set to continue, say agents