Auction Coverage & Property Market News

Fewer buyers are turning up at auctions and bidding is less frenzied as a rise in the volume of homes for sale emboldens some to make low offers.

Despite a desirable location, large block and lack of a heritage overlay, calls for an opening bid were met with silence from the 40-odd attendees.

Eight first-home buyers turned out on Saturday to compete for the apartment with a large terrace on a bumper spring selling weekend, but other homes weren't so lucky and were passed in.

It's the second Albert Park home in as many weeks to sell for $11.1 million-plus under the hammer, as last week's underbidders became this week's buyers with a bid of $1.65 million over reserve.

The Five Dock house last sold for about $3.15 million in 2018, and the only change since was approval for duplex plans – but a family won the day and will build their dream home.

In front of a bustling crowd of roughly 300 people, a gorgeous four-bedroom French-style Victorian home in Albert Park sold for a whopping $11.11 million on Saturday.

They were not the only Sydney bidders looking for a crash-pad a short drive away from their primary residence as they all craved the beach lifestyle post-lockdown.

Eight registered bidders pushed the price to 10 times more than the five-bedroom property last sold for in 1988.

Seven parties competed for a Victorian residence the sellers had owned for 37 years, underlining the strong post-lockdown demand in a bumper auction weekend.

The buyers were originally looking for a period home and had only seen the contemporary townhouse for the first time yesterday, so the sale was a surprise.