31 Oct Sydney Property Results 28th October, 2017
Sydney Real Estate Auction Results – 28th October, 2017
|Source:||Australian Property Monitors|
Sydney had a busy weekend with 992 properties listed for auction, however only 449 were reported as sold for a 65% clearance rate – one of the lower auction clearance rates that we have had this year.
Certain areas have continued to perform strongly and are somewhat isolated from the malaise spreading across the wider market. For example, suburbs such as Greenwich, Hunters Hill, Manly and Cammeray significantly outperformed the market with clearance rates of 100%, 100%, 78% and 80% respectively. Beachside suburbs are also somewhat immune to the downturn particularly leading into summer as they are lifestyle destinations. Currently, there are only 6 houses for sale in any price point in Bondi Beach, which keeps prices buyoyant.
Comparatively, Chatswood which has been booming, performed poorly at auction and 5 of 9 properties were passed in for an auction clearance rate of 56%. All of these properties are now for sale.
The highest priced sale of the week was 86 Nicholson St, Strathfield, a brand new huge 6 bedroom, 8 bathroom, 6 parking house on approximately 904 sqm, which sold for $6.6m. The next highest priced sale was 44-46 Wentworth St, Randwick, an unrenovated, original Federation home on 836 sqm in one of Randwick’s best streets, which sold for $6.205m. In close third position was 14 Kenneth St, Longueville, a 6 bedroom architecturally designed home with city and water views, which sold for $6m.
As a buyers agent, I find this time of year exciting as there is increased supply with more properties on the market and a desire on the part of vendors to sell prior to Christmas. So, for those who wish to use the services of a professional or are patient this is a time when there are good house or unit buying opportunities.
Feel free to call me if you’d like to discuss this in more detail.
Until next week.