27 Feb Bronte and North Bondi Properties Boom
Sydney Auction Results -24th Feb, 2018
|Source:||Australian Property Monitors|
Saturday 24th February was a bumper auction day for the Sydney property market with 964 properties officially listed for auction. Of those, only 549 auction results were reported which resulted in a 70% auction clearance rate. Realistically the actual clearance rate would be lower as 415 property results were not reported.
There are always pockets of strength and weakness in the Sydney property market and this can change quite quickly. As I have mentioned in recent buyers agent blog posts, the beach suburbs continue to dominate, which corresponds with summertime. Bronte, recorded the highest sale of the weekend with 4 Bayview St selling for $7.5m. In total, Bronte had six properties up for auction and five of them sold. Examples of other premium Bronte sales from the weekend are:
- 4 Bayview St, Bronte, a 3 bedroom, 3 bath, 4 parking home 50m to the beach sold for $7.5m.
- 57 Hewlett St, a 3 bedroom unrenovated home 300m from the beach which sold for $4.6m.
- 9 Tipper Ave, a 5 bedroom home on 620 sqm, which passed in on a vendor bid of $6.1m and is now for sale.
North Bondi also continues to secure bumper prices with these two properties selling this weekend:
- 9 O’Donnell St, North Bondi an unrenovated duplex on 448 sqm sold at auction for $4.03m, and
- 4/152 Brighton Boulevard a 2 bedroom waterfront-reserve unit sold for $2.28m.
Seven kilometres away Maroubra is experiencing different property conditions. Of the 12 Maroubra properties listed for auction this past weekend, 7 of them sold for a 58% auction clearance rate, below Sydney’s 70% clearance rate. Of the properties that didn’t sell, 4 were houses and 1 was a unit. While being a vendor in Maroubra is tougher at the moment, it is certainly a better time to be a buyer if you believe in the fundamentals of the suburb.
As a buyers agent, this weekly analysis of the ebbs and flow of the Sydney property market allows me to see where the good buying opportunities are for my clients. I love to find value but I must always like the fundamentals of the suburb and / or the property. My tip is don’t buy a property just because it is cheap as fundamental flaws are tough to fix and if they bother you they will also bother your potential buyers.
Until next week.
Bernadette Brennan is the Principal of Premier Home Finders, a Sydney based real estate buyers agency.
4 Bayview St Bronte sold for $7.5m