A renovated Bondi Beach semi sold for $4.145 million at auction on Saturday, $30,000 below reserve, as Sydney’s preliminary clearance rate tied its lowest level for the year at 45 per cent. The buyer, a woman from Double Bay, purchased the three-bedroom Federation home at 120 Wellington Street after two of three registered bidders competed. Domain recorded a 45 per cent clearance rate from 598 reported results, with 233 auctions withdrawn, matching the year’s lowest result set in October. A rate below 60 per cent indicates price falls.
From November 17, NSW real estate agents must include a selling price or price range on listings, a measure designed to increase transparency for buyers.
The Bondi Beach property had a price guide of $4 million and a reserve of $4.175 million. Bidding started at $3.725 million and rose quickly to $4 million, then slowed. One bidder made $20,000 bids, the other $5,000. The vendors are an upsizing family. Selling agent Ric Serrao of Raine & Horne Double Bay said he had noticed higher attendance at open homes and thought there were many astute buyers in the market. “A lot of clients are taking the opportunity at the moment to upgrade. They are selling for a bit less but they are buying less,” he said. He expected prices to finish flat for the rest of the year and thought the impact of recent rate rises may not be felt until 2027.
Elsewhere in Sydney, a family paid $2.85 million for a five-bedroom home at 82 Moncrieff Drive, East Ryde. The price guide was $2.65 million; three bidders competed. Agent George Gialouris of CobdenHayson said the family was drawn to the “wow factor” of the entertaining space, but he noted headwinds from interest rates and government policy changes. Auctioneer Edward Riley said buyers were cautious: “It feels like every bid from buyers at the moment is calculated, and every bid is really considered.”
In Randwick, a young couple paid $1.205 million for a two-bedroom apartment in a block of four. The deceased estate had a price guide and reserve of $1.1 million. Selling agent Chris Cantarella of The Agency said she had texted interested buyers before the auction to let them know the reserve, wanting to give everyone an equal opportunity. “People need to buy and sell in every market, that is not going to stop,” she said.
Analysis
Why This Matters
- Sydney’s falling clearance rate points to weakening property prices, affecting both sellers expecting equity and buyers navigating uncertainty.
- The introduction of mandatory price disclosure from Wednesday is a major regulatory shift that could alter how auctions are conducted.
- Cautious buyer behaviour, evident across the sales reported, suggests the market cooling may persist as interest rates continue to bite.
Background
Sydney’s auction clearance rate is a key indicator of property market health. A rate consistently below 60 per cent suggests falling prices. The last time the rate was this low was during the COVID-19 lockdowns of April 2020. The market faces headwinds from rising interest rates and cost-of-living pressures, and is about to adjust to new NSW rules requiring price disclosure on listings.
What to Watch
- The effect of new price disclosure rules from November 17 on buyer confidence and auction results.
- Whether the Reserve Bank’s interest rate trajectory further dampens demand in early 2027, as agents predict.
- Final clearance figures for the November series, showing if the current trend deepens or stabilises.
Checked
12 claims in this story checked against 1 source: 11 supported.
Show each claim
- SupportedThe Bondi Beach semi sold for $4.145 million on Saturday, $30,000 below reserve.The Age - Latest News: “A Double Bay woman paid $4,145,000 for a renovated Bondi Beach semi at auction on Saturday, purchasing at a $30,000 discount to the reserve price”
- SupportedSydney’s preliminary clearance rate was 45 per cent, equal-lowest for the year.The Age - Latest News: “By Saturday evening Domain recorded a preliminary auction clearance rate of 45 per cent from 598 reported results throughout the week, while 233 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate. It was the equal-lowest preliminary result this year”
- SupportedThe 45 per cent rate was based on 598 reported results, with 233 auctions withdrawn.The Age - Latest News: “Domain recorded a preliminary auction clearance rate of 45 per cent from 598 reported results throughout the week, while 233 auctions were withdrawn.”
- SupportedNSW agents must include a selling price or price range on listings from November 17, to increase transparency for buyers.The Age - Latest News: “Sydneysiders are preparing for a new rule starting November 17 requiring NSW real estate agents to include a selling price or price range on property listings, designed to increase transparency for buyers.”
- SupportedThe Bondi buyer was a woman from Double Bay, and two of the three registered bidders were active.The Age - Latest News: “The Bondi Beach home had a price guide of $4 million and drew three registered bidders at auction, of whom two were active.”
- Partly supportedRic Serrao had noticed higher attendance at open homes.The Age - Latest News: “Speaking broadly about the market, Serrao had noticed higher attendance at open homes over the past fortnight”
- SupportedSerrao said: “A lot of clients are taking the opportunity at the moment to upgrade. They are selling for a bit less but they are buying less,”The Age - Latest News: ““A lot of clients are taking the opportunity at the moment to upgrade. They are selling for a bit less but they are buying less,” he said.”
- SupportedSerrao expected prices to finish flat for the rest of the year and thought the impact of recent rate rises may not be felt until 2027.The Age - Latest News: “He expected a flat finish in terms of prices for the rest of the calendar year, and thought the impact of recent interest rate rises may not be felt until 2027.”
- SupportedIn East Ryde, a family paid $2.85 million for a five-bedroom home with a $2.65 million price guide, and three bidders competed.The Age - Latest News: “Elsewhere, in East Ryde, a family paid $2.85 million for a family home with a rumpus room, mineral swimming pool and spa, outdoor dining area and backyard. The five-bedroom house at 82 Moncrieff Drive had a price guide of $2.65 million and three registered bidders, all of whom participated.”
- SupportedGialouris said the East Ryde family was drawn to the entertaining space’s “wow factor” and noted market headwinds from interest rates and government policy changes.The Age - Latest News: “CobdenHayson selling agent George Gialouris said the family was drawn to the home for the “wow factor” of its entertaining space. He thought it offered value as the home next door traded for $3.25 million early last year. Although his listings have been selling, he noted headwinds for the market such as interest rates and government policy changes.”
- SupportedRiley said: “It feels like every bid from buyers at the moment is calculated, and every bid is really considered.”The Age - Latest News: ““Buyers are definitely cautious about how much they spend. It feels like every bid from buyers at the moment is calculated, and every bid is really considered,” he said.”
- SupportedCantarella said: “People need to buy and sell in every market, that is not going to stop,”The Age - Latest News: ““People need to buy and sell in every market, that is not going to stop.””