Auction clearance rates in Bellevue Hill are currently the highest not only in Sydney but also nationwide.
In a softening market, auction clearance rates across Sydney are currently hovering around 50 per cent. Results in the Eastern Suburbs, however, have been significantly stronger of late (around 78 per cent), with one suburb, in particular, standing out from the pack.
CoreLogic’s latest report on Australia’s property auction market performance found that combined capital city clearance rates fell to 43.6 per cent in the 3 months to December 2018, down from 53.6 per cent over the previous quarter and 62.3 per cent over the same period a year prior.
All of this makes Bellevue Hill’s results particularly impressive. The suburb achieved an 80 per cent clearance rate, with 52 scheduled auctions and 32 properties sold. Median prices in the area currently hover around $5.5M for homes and $1M for units. Results from realestate.com.au also show it to be a high demand market, with an average of 873 visits per property listing.
These enviable statistics are perhaps not so surprising when you consider that this prestigious suburb boasts some of Sydney’s most exclusive and historic homes, as well as stunning harbour views – the suburb’s name literally means ‘beautiful view’.
Other secrets to Bellevue Hill’s huge appeal are its proximity to the CBD, mix of housing options, great local eateries, parks and bushland. It’s also home to some of Sydney’s most exclusive schools, such as The Scots College and Cranbrook. You have everything on your doorstep but can still enjoy a relaxed Eastern Suburbs lifestyle.
In 2018, we sold 14-16 Drumalbyn Road, an exceptional six-bedroom home on a 1416sqm parcel of land. Though the property was passed in at auction, it sold 24 hours later for $16.25M. This goes to show that even in a cooling market auction can have several advantages. Although buyers might be exercising more caution in the current climate, an auction can prove to them that competition for a property is still strong. Combined with providing a tight deadline, it can urge buyers to act fast.
If you’re looking to buy at auction, it’s important as ever to be prepared and understand the auction process. Auctions are very popular in Sydney’s East, with more properties selling at auction than other methods. Sellers in the Eastern Suburbs can benefit from a lack of stock, increased buyer activity and a highly desirable location.
There are strong arguments in favour of auctions for eastern suburbs sellers. But no matter which sales process is right for your property, getting expert advice is crucial.
To talk with our experienced team about the best way to sell your property, get in touch today.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.