The buyer frenzy fuelling Sydney’s soaring market could soon ease after the city clocked an auction clearance rate below 80 per cent for the seventh week in a row.

3 Stirling Court, Castle Hill, fetched $3 million at auction, which was $300,000 over the reserve.

Across the city, a total of 524 homes sold under the hammer on Saturday, resulting in a 77 per cent clearance rate that property pundits say could indicate an ease in real estate FOMO.

Guardian Realty agent Joel Green said although buyers were still out “en masse”, the slight market shift came off the back of increased stock levels in a trend he felt could smooth the trajectory of Sydney’s skyrocketing housing sector.

“The residential market throughout our pocket (of Kellyville, Glenhaven and Castle Hill) was pretty good over the weekend and we saw numbers steady as they were the week before but buyers are becoming a bit more savvy and the urgency isn’t there,” Mr Green said.

“Auction numbers are still up but we are getting a bit more stock which could potentially soften (the market). When you compare it to two months ago it was another level.” 

Despite the slight market ease, Mr Green achieved a $3 million sale price for a sprawling family home at 3 Stirling Court, Castle Hill, after a five-minute aggressive battle of the bids lead to a young, upgrading family splashing $300,000 over the reserve price.

3 Stirling Court, Castle Hill NSW 2154 5Beds3Baths3Parking

“We had 12 registered bidders on that and over 100 inspections in the three weeks leading up and over 20 contracts — so numbers were huge,” he said.

“Bidding started at $2.35 million, which was slightly below our guide price, then the last two bidders took it up with some big bids at the end and there was even a $50,000 bid at the end to try and knock out (the eventual bidders). It was very aggressive but the owners were stoked.

“They bought it in 2008 and paid $1.2 million, so they almost tripled what they paid for it.”

Mr Green said the charming five-bedroom abode had proved a major lure for buyers thanks to the 1068-square-metre parcel it occupied, as well as the extensive renovations that appealed to the growing appetite for “turn-key” homes.

In Balmain East, a young first-home buyer landed a dynamite unit with links to Aussie rock fame after she forked out $780,000 for the one-bedroom abode. 

4/24A Pearson Street, Balmain East NSW 2041 1Bed1Bath1Parking

The chic apartment, at 4/24A Pearson Street, boasted more than just harbour views – it had a stunning vista over AC/DC legend Malcolm Young’s former pad, which the music icon snapped up during the band’s heyday, and which his family has held onto since his passing.

Although selling agent Chris Williams, of Ray White Balmain, confessed the young buyer was less enamoured by the rock connection than her dad, he said the unit presented a great opportunity that attracted four young female professionals to battle it out at the auction.

“This was a company titled property and they can sometimes be difficult to sell, but we had lots of people looking. On the day, bidding started at $680,000 and then the young buyer in attendance and an investor on the phone traded blows and at one point the auctioneer made a vendor bid and then it sold soon after,” he said.

“She (the buyer) was thrilled. The company titled (aspect) is an unusual thing for the inner west; it’s a whole different kettle of fish and it doesn’t reflect the strength of the market.

“If that had been a strata-titled property it would have been a lot more competition but a lot of banks don’t lend on company title.” 

In Dulwich Hill, a young couple were quick to pounce on a “period correct” home at 15 Abergeldie Street, which was offered at auction for the first time in almost three decades.

The three-bedroom house was snapped up for $2.4 million under the hammer in an emotional sale that selling agent Luke Northcott, of Ray White Petersham, said was nothing short of momentous for the vendors.

“The owners had been there for about 30 years and (back then) they paid $235,000 for it,” Mr Northcott said.

15 Abergeldie Street, Dulwich Hill NSW 2203 3Beds1Bath−

“She (the vendor) was pretty overwhelmed but she had her family there but it was a big move for her, and the home is in one of those pockets where everyone really knows each other.

“We started the bidding at $2.2 million and it slowly worked its way to $2.4 million, and all the three bidders were using buyer’s agents.”

Although the home sold for a price close to the reserve, Mr Northcott said the sale was a great result that revealed just how special the two-storey abode, which was respectful of its heritage, was.

“The owner had made a big effort to keep it that way and the only thing to do was maybe the kitchen and the bathroom but it had a beautiful rear garden that was really private.”

Mr Northcott said despite genuine and engaging bidders fuelling good results across the Petersham area at the weekend, he felt the buyer frenzy had eased. 

Throughout the rest of the city, a handful of top sales were clocked including 10 Eastern Avenue, Kensington, which fetched $4.2 million through Ray White Touma Group agent Roger Wardy.

10 Eastern Avenue, Kensington NSW 2033 4Beds4Baths3Parking

Four registered bidders battled it out for the four-bedroom brick home in the blue-chip street after bidding kicked off at $3.2 million. Mr Wardy said despite the market coming back a bit in the past two weeks, good-quality stock was still achieving premium prices.  

“The start of this year went off and a lot of sellers rushed to the market to capitalise on the demand,” he said. “Obviously, buyers have become a bit more reserved as they see prices going up but at the same time people are still happy to pay for something that they are planning to stay in for the long term.”

1/121 Victoria Road, Punchbowl NSW 2196 2Beds1Bath1Parking

At the other end of the price spectrum, a two-bedroom unit at 1/121 Victoria Road, Punchbowl, was snapped up for bargain-busting $370,000, making the modest ground-floor home one of the cheapest properties to sell under the hammer across the nation on Saturday.

By SARAH WEBB