Reserves smashed in biggest auction week since 2018

Property prices are set to rise after buyers took 84% of the 3,800 houses and apartments listed for sale and smashed reserve marks in the biggest sales weekend in 3 years.

Sydney is leading with 89% of homes selling, based on data provided CoreLogic, with strong results, including a home in well-heeled Woollahra priced at $6 million, or $1.5 million above its reserve price.

Evidence of this came with the sale of six-bedroom home at 209 Edgecliff Road, Woollahra, for $6 million - $1.5 million above reserve.

There were 14 registered bidders, higher than the city average of 9, and selling agent Randall Kemp from Ray White said the result left him "speechless".

Source: The Australian Financial Review 2021