Saturday, 9th February,2008 saw the first auction of the year in our focus area with 5 Pervical St, Caringbah South attracting a great crowd despite the rain. Bidding kicked off at $600,000 and with approx 4 bidders the property sold very quickly under the hammer for $800,000(2 bed fibro on 700m2 approx). It seems the interest rate hike earlier in the week does not seem to have deterred buyers in the area. According to the Sun Herald Domain (10.02.08) there were 115 properties that went to auction in Sydney on Saturday 9th Feb with a clearance rate of 57.9. We only had one Auction in our focus area to track this week but stay tuned as the next few weeks are looking very busy, in particular the weekend of the 23rd Feb where 19 auctions are scheduled.