Stephen Nicholls, Property Journalist
Updated 15 Dec 2023, 7:58am
First published 15 Dec 2023, 5:00am
Daniel and Rebecca Fallon pictured at their Ryde home, which goes to auction this weekend. Picture: Sam Ruttyn
There are 839 homes set to go under the hammer — most of them this Saturday — on the last big auction week of the year.
That’s 20 per cent more than the same time last year. And experts say there’s reason for sellers to be optimistic.
PropTrack economist Paul Ryan says Sydney home values have been on an upwards trajectory all year, despite rising interest rates.
“It’s a strong end to the year after a relatively quiet finish in 2022 and start to this year,” Mr Ryan said.
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11 Warren St, Ryde, has a $2.6m price guide.
Part of the appeal this summer is the large pool in the back yard.
“We’ve seen some quite solid auction numbers and sales, due predominantly to sellers recognising that the market has been quite strong and they feel confident about selling.”
Sydney’s 8 per cent price growth over 2023 wasn’t the strongest in the country — Perth prices grew 13 per cent, Adelaide was up 10 per cent, Brisbane was 9 per cent and Sydney was fourth.
But what was surprising was the turnaround. Last year, Sydney prices (a combination of houses and apartments) dropped 6.44 per cent, but have bounced back strongly in 2023.
“This time last year people were expecting a recession so people were tightening their belts and they thought unemployment would rise but that hasn’t occurred,” Mr Ryan said.
There may have been plenty of belt-tightening as homeowners dealt with interest rate rises, but those in professional services have job security and prices in the east, inner city, north shore and inner west have jumped more than 10 per cent.
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11 Warren St comes with five bedrooms.
And two bathrooms.
Despite a surge of property in late spring, Mr Ryan says auction clearance rates have stayed either above or just below 60 per cent.
“We had 1001 auctions scheduled for the week ending the 26th of November, and last year we didn’t have a single week over spring that had 1000 auctions,” he said.
“And the clearance rate is still hovering around 60 per cent [compared with 53 per cent last year]… this is at a time when auction numbers have risen quite significantly and the market has basically absorbed the new stock that’s come onto the market pretty well.”
This is all good news for Daniel Fallon, senior content producer at the BBC, and his wife, Rebecca Fallon, an interior designer at Jacobs, who have the Ryde home they bought 16 years ago up for auction on Saturday with a $2.6m price guide.
“I’ve absolutely loved living there, it’s been a dream house to raise a family,” Mr Fallon said, who’s now looking to downsize from the five-bedroom residence on a decent 692sqm block with pool at 11 Warren St.
The huge family kitchen has recently been updated.
There are multiple dining areas.
“Over Covid, there was plenty of space and there’s a lovely garden area where you can take your mind off work and have screen breaks.
“I’ve also loved it because I’m a member of the North Ryde Golf Club and I’m literally a long drive away from the first tee!”
The sales agent, Chris Allison of Belle Property Ryde, is feeling confident going into the auction with several parties keen.
“This home would make a great Christmas present for a family and it’s a great opportunity to get something before the end of the year,” he said.
“It’s in one of Ryde’s best streets.
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One of the owners, Daniel Fallon, says the home has plenty of places to take your mind off work and have screen breaks.
“You can move straight into it while adding touches over time, and it also appeals to the developer market who could rebuild with duplexes on the large block, immediately or in the future.”
He says families like the home’s proximity to a local park and a popular new public school.
If you miss out on a home this week, numbers drop right back in the lead up to Christmas Day, Mr Ryan advises.
“There are 150 auctions scheduled for the week after, but most will be during the week, mainly Wednesday — I’m not expecting too many on the 23rd, the Saturday before Christmas Day!”
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Stephen Nicholls, Property Journalist