The Eastern Suburbs property market is being fuelled by the low supply of properties for sale despite rising interest rates.
The Eastern Suburbs had an auction clearance rate of 75% on Saturday, April 1 2023 with a 6-bedroom house at 54 Gilbert St Dover Heights selling for $11,800,000. This result suggests that top-tier houses are leading the way, prices are stable or rising and there are buyers out looking to buy.
When you have over five bidders at an auction, that constitutes boom conditions, so it’s only a matter of time before prices go-up further.
Some auction results stood out, like the three-bedroom house in Ocean Street Bondi that sold for $4,750,000, $550,000 over reserve. A two-bedroom apartment in Eastpoint Tower, Edgecliff, sold for $1.1m over reserve. 22 Victoria St, Watsons Bay, sold for $14,000,000, $6,000,000 above reserve.
Despite a rise in bidders and healthy auction clearance rates, elevated auction withdrawals make it hard to predict the market.
Although rate hikes do not appear to have had an impact on house prices as of yet, it is likely that price increases will be stop-and-go in the coming year.