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AU Record auction clearance rate for Sydney

Property Here - Monday, September 02, 2013

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Barangaroo apartments

Barangaroo apartments Source: Supplied

AUSTRALIA'S largest housing market has recorded its highest auction clearance rate in almost four years, with an entire precinct of 159 luxury units snapped up within hours.

Sydney recorded a stunning 81.2 per cent clearance rate for the week, boosted by the first release of apartments in Lend Lease's new Barangaroo precinct. All of the units were snapped up within 4 hours of their launch on Saturday morning, including the penthouse which sold for $10.5 million

The apartments, which started at $1 million for a one-bedder, turned over more than $300 million in sales for Lend Lease, in what was Sydney's most highly anticipated apartment launch since Bennelong 20 years ago.

"The overwhelming response we have received from interested purchasers reflects the fact that Barangaroo is what Sydney living is all about," said Lend Lease's Barangaroo South managing director Andrew Wilson.

The units were always expected to sell quickly, after more than 6,500 people registered interest.

Prospective buyers had put down a $10,000 deposit and preregistered a selection of properties they were hoping to buy.

Barangaroo is likely to be Sydney's last waterfront development in the CBD, unless other buildings are knocked over to make way for new apartments.

The apartments will be completed in 2015, while the next sales release will occur within 18 months.

Overall in Sydney, listings were up for the week, with 485 auctions cleared out of 597, according to RP Data.

Sydney's 81.2 per cent clearance rate was up from 79 per cent last week. Melbourne had the next strongest week, with 516 auctions cleared out of 707, for a rate of 73 per cent. Canberra (71.4 per cent) and Adelaide (67.4 per cent) were the next best.

The big week saw Sydney's home values jump by 0.5 per cent. The harbour city's residential values have grown 7.5 per cent in 2013 and 7 per cent from this time last year.

Home buyers across western Sydney were extremely active, with Landcom releases reporting strong sales at The Ponds, Potts Hill and Thornton.

All 60 available lots were sold at The Ponds, while Potts Hill cleared 30 of 37 and 24 of 32 were offloaded at Thornton, near Penrith. The simultaneous sales were intended to mark the first weekend of spring.

A two-bedroom terrace at 80 Northumberland Ave, Stanmore sold under the hammer for $965,000 on Saturday, exceeding reserve by $30,000.

The open campaign had seen 137 groups view the property, but the bidding was a battle between two after opening at $850,000. A first homebuyer couple from Haberfield cast the winning bid and the property was sold by Danielle Samphier of Belle Property Annandale.

A three-bedroom federation home at 117 Raglan St, Mosman lasted just 10 days before selling for $1.5 million. Close to Avenue Rd shops, parks and elite schools, the property was sold by Libi Bradford of LJ Hooker.

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