Louise Patterson, Chris Lane and his mate Stuart Shaw at the house they bought and built in East Ryde Source: News Limited
SYDNEY'S property market hit boiling point over the weekend, clearing 78.6 per cent of 724 staged auctions, according to RP Data.
It was a fitting end to another huge week for Sydney property, which saw 1037 auctions listed, many of which were snapped up before going under the hammer.
The strong week saw home values rise by 0.2 per cent, taking 2013 growth to 13.2 per cent.
Sydney also regained its No. 1 position for clearances, after Adelaide failed to back up an 80 per cent rate from the previous week and slumped to 56.1 per cent. Melbourne recorded the second highest rate of 69.2 per cent, from 996 auctions.
Sydney property values are now up 11.7 per cent from the corresponding weekend in 2012 and look like staying above the 10 per cent predicted by analysts at the beginning of the year.
The harbour city dominated private treaty sales for the week, with 1815 houses swapping hands, compared to 1386 in the next busiest Melbourne. The Sydney house median price for the week hit $700,000; more than $200,000 above Melbourne and Brisbane.
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38 Burt St Rozelle. Source: Supplied
A house at 38 Burt St, Rozelle sold through Monique Dower of Belle Property Balmain for $1.45 million; smashing its reserve by $105,000.
"The strong result represents an improving local market and both vendor and purchasers are ecstatic," Ms Dower said.
In the south, a home at 7 Harris St, Burraneer sold for $1.322 million through Dane Moller of Greg Gilbert Real Estate- a staggering $122,000 above reserve.
A young family outlasted three other bidders to buy a home at 22 Nelson Rd, Lindfield for $2.76 million, through Karen Vio of Belle Property, Killara.
Property in Ryde council suburbs is steaming ahead in the second half of the year, as numerous recent infrastructure projects finally trickle down to the property market.
Denistone East home median values have grown 13.1 per cent, while West Ryde (11 per cent) and North Ryde (9.1 per cent) also have performed strongly, according to RP Data.
6 Lorna Ave North Ryde. Source: Supplied
A three-bedroom house at 6 Lorna Ave, North Ryde sold for $1.011 million at auction - $131,000 above reserve.
Situated on a 575 sqm block in one of the more sought after pockets of the suburb, the home was well-placed to take advantage of the booming local market, according to Stefon Bertram, Starr Partners Ryde.
2-4 Fisher Ave Ryde. Source: Supplied
"This is another example of an auction in the Ryde area selling $100,000 over reserve," he said. "We also sold 2-4 Fisher Ave, Ryde, which went last year for $100,000 less."
Good mates and landscaping business partners Chris Lane and Stuart Shaw bought a house together in East Ryde for $580,000 during 2008, as a way in to the market.
Stuart Shaw and his mate Chris Lane at the house they bought and built in East Ryde today. Chris and Stuart pooled their resources to buy the house a few years ago. Source: News Limited
Since then, they have knocked down the existing house and built a new five-bedroom home on the block.
"Joint ownership was the only way either of us could afford anything," Mr Lane said. "Living together was trying at times, but if you work through things in a logical way, you can get through anything."
They sold the house this week for just shy of a suburb record, according to agent Allister Scott from McGrath.
Hot market
Sydney
Auction clearance rate: 78.6 per cent
Staged auctions: 724
Weekly home value growth: 0.2 per cent
Monthly home value growth: 1.4 per cent
2013 growth: 13.2 per cent
Year on year growth: 11.7 per cent
Private treaty sales: 1,815
Median house price: $700,000
Average time on market: 27 days
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