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Hundreds of people descend on a Sydney suburban street for an auction

Hundreds of potential homebuyers have flocked to a leafy suburban street to attend an auction in one of Sydney's most sought-after suburbs.

Not even coronavirus restrictions could keep crowds away from attending auctions on Saturday as property prices continue to soar.

A lifestyle blogger filmed a crowded street attending an auction in the city's northern suburbs, believed to be in North Sydney.

The footage shows both sides of the street packed with potential homebuyers, including young families. 

A Sydney suburban street was flooded with potential homebuyers (pictured) on Saturday

Several cautious attendees can be seen wearing masks after two locally-acquired coronavirus cases were recorded in Sydney last week.

Viewers were stunned by the crazy scenes. 

'Thought this was at the Easter Show,' one person commented.

Another added: 'I thought it was a peaceful protest for a sec.'

Footage of the large crowd at the auction has gone viral online after it was shared to TikTok

Many viewers said the video was a reflection of the housing market not just in Sydney but nationwide.

'For those of you who don't know, Australia is in a huge housing and rental market crisis, pretty much every open house and auction is like this,' one person commented.

Another added: 'Overpriced market on Earth and it's going to crash big time next year or 2023, 100 per cent!'

The auction in Sydney's north attracted a huge crowd (pictured), including young families

Others suggested many of crowd were nosey neighbours simply there for a sticky beak and others with no intention of bidding.

'House auction is a spectator sport in Sydney,' one person quipped.

National property values climbed by 1.8 per cent in April, a sharp comedown from March's 2.8 per cent pace which was the fastest since October 1988, where Sydney's median house climbed by 4.3 per cent in one month to a whopping $1.112million, according to CoreLogic data. 

House and apartment prices have soared by 10.2 per cent since the short-lived Covid downturn in property prices ended in September last year.

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