Agents run out of stock at another red hot Sydney property auction, by Su-Lin Tan.
Only scraps were left after another mid-week auction in Sydney cleared out on Monday night.
Buyers, particularly babyboomers and upsizers, continue to overwhelm agents with demand for property as nine out of 11 properties worth more than $14 million sold under the hammer at the Double Bay auction centre.
Over in the southwest, all ten properties at the Richardson & Wrench auction in Riverstone in Sydney’s southwest also sold out.
The same conditions prevail: too much demand, too little stock.
There were 134 bids for [this] unrenovated older-style two-bed home at 98 Wilbur Street in Greenacre 17 kilometres southwest of Sydney, which sold for $926,000 [shown above]. There were no water views, infinity pools or entertaining decks but, the 545sq m property has “land value” …
“It sold like there was gold underneath the house,” one of the agents on Monday night, Peter Bennett said [of another property in Greenacre].
Greenacre is not close to the Sydney CBD, coast, national park, or mountains.