Buying News & Property Markets Selling

Early 2024 Market Update: Auctions on the Up

As we bid farewell to February, we’re pleased to be able share some insights into the 2024 real estate market. 

The data paints a promising picture; we’ve seen a strong rebound in auction clearances and property prices, with Sydney boasting a very solid +70% clearance rate. This is great news because of the simultaneous uptick in the number of properties going to auction. These conditions suggest that both buyers and sellers are more active in the market, and they’re also seeing eye-to-eye on price expectations. 

At Molenaar x McNeice we’ve seen a fantastic 83% auction clearance rate in 2024, but we’re not popping the champagne just yet. We’ve got our sights set on continued success, even better results for our clients, and plenty more opportunities for a toast throughout the year!

Now for some auction highlights from our 2024:

 

  1. 9 Popes Road, Woonona

   Sold at Auction: $1,400,000

Campaign Highlights: Throughout the campaign for 9 Popes Road, 127 groups of buyers inspected the home. The 4 bedroom character cottage attracted lots of attention from family units with its charming original timber interior, and teenage retreat out the back! At the auction, 11 registered bidders went back and forth, finally reaching a $1.4 million dollar sale price for the perfect family cottage!

 

  1. 14 Belwarra Avenue, Figtree

      Sold at Auction: $1,521,000

Campaign Highlights: 14 Belwarra Avenue hosted a lively auction and clinched a successful sale for the owners; a young family who made the move from Albury in early 2020 and now looked to return home to be closer to family. The four-week campaign saw an impressive 157 inspections and garnered interest from 19 registered bidders. The auction was very active with a total of 20 bids, opening at $1.2 million and quickly reaching the final buying bid of $1.521 million. The home was a perfect match for the buyers, a young family with strong ties to the local community. 

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  1. 5 Bentley Road, Kembla Grange

   Sold at Auction: $1,450,000

Campaign Highlights: Down the coast in Southern Illawarra, 5 Bentley Road was the recipient of the increasing interest seen in up-and-coming areas of the Illawarra, seeing 58 potential buyers over the course of the campaign. It culminated in 7 registered bidders on the night of the auction for a very successful $1.450m final sale price!

  1. 5/94-96 Murray Rd, East Corrimal

   Sold Prior to Auction: $1,010,000

Campaign Highlights: Selling under the hammer is not the only way properties listed for auction can be sold. A property bound for auction can often attract appealing offers from buyers eager to secure it prior to the auction date.  5/94-96 Murray Rd in East Corrimal, a 3 bedroom townhouse, was snapped up for just over a million dollars by a young couple, a fruitful campaign for the buyers and our client!

After auction rates plummeted in 2020 (feels like forever ago!) there’s been a steady rise back to pre-lockdown levels, and going into 2024 we’re seeing a big spike in auction activity. All signs point to 2024 being a red-hot year for sellers looking to auction their properties, so don’t hesitate to get in contact with us and find out what your property is worth!

Molenaar x McNeice
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