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Australia Under the Gavel

Nearly two in five Sydney homes sell via auction

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An available five bedroom, three-and-a-half bathroom home in the Rose Bay neighborhood of Sydney.

SYDNEY SOTHEBY'S INTERNATIONAL REALTY
An available five bedroom, three-and-a-half bathroom home in the Rose Bay neighborhood of Sydney.
SYDNEY SOTHEBY'S INTERNATIONAL REALTY

New data from real estate analytics provider Core Logic finds that 38% of Sydney homes--- nearly two in five---are now sold via auction, according to a report from The Daily Telegraph. For certain Sydney suburbs, auctions were almost the only means of selling, with over 90% of homes going under the gavel. The Daily Telegraph notes: Queens Park, in Sydney’s east, had the country’s highest proportion of home sales by auction over the last year at 98.3%, followed by Clovelly and Malabar at over 95%.On the upper north shore, 95.5% of North Wahroonga homes sold under the hammer, along with 93.2% of homes in West Pymble. Ashbury, near Canterbury, was Western Sydney’s biggest auction hotspot, with more than nine in 10 homes selling under the hammer.

The auction was formerly the exclusive domain of rare or luxury properties and as recently as 2008 only about one in five Sydney homes was sold by auction, but Tim Lawless, head of research for Core Logic, expects the upward trend to continue. “When market demand is high and buyers are highly competitive, the auction process is likely to provide the best possible price on a property transaction.” [The Daily Telegraph]View full listing (pictured top)More: The Secret of Priceless Luxury Homes