Sydney Property Results September 8th, 2018

Sydney Property Market Auction Results – September 8th, 2018

 

Property snapshot
Listed auctions: 536
Reported auctions: 304
Sold: 206
Withdrawn: 59
Cleared: 57%
Total sales: $169,002,500
Median: $1,320,000
Source: Australian Property Monitors

 

Sydney property had a 57% auction clearance rate, which is in keeping with recent weeks. But don’t be fooled by this result as this isn’t the full story. We have sub-markets within the bigger market and not all areas are performing the same. Parts of Sydney are performing a lot better than other parts such as the lower north shore with an auction clearance rate consistently in the low 70%’s.  Comparatively, outer ring suburbs such as Kellyville are having a tougher time at auction. Kellyville had four houses listed for auction this week and none of them sold.

So it is important for you as the buyer to be aware of the market in which you’re buying. If you’re buying in an area where the clearance rate is less than 57% you have flexibility and you want to make sure you don’t pay too much. If you’re buying in a more competitive market you want to make sure that you don’t miss out on your property, while still buying it at a reasonable price.

Regardless of the type of market we are operating in, there are always outliers. This week, an older style Paddington terrace on a large 388 sqm block sold at auction for $6.05m. Even though the size of the land makes this property unique, it is still a full price for an unrenovated terrace. Another big price was a 2 bed, 1 bath Kirribilli apt with parking that sold for $3.35m. The renovated apartment had spectacular opera house and harbour bridge views, which clearly boosted the price.

Of the top five sales this week, none of the houses were fully renovated.  All of the houses were either knock-down rebuilds or required renovations to bring them back to their former glory. This is in complete contrast to the fully renovated properties that have been securing the highest prices in recent weeks.

Top 5 Sydney Auction Sales:

  • 173 Underwood St, Paddington sold for $6.05m. This terrace has scope for renovation and extension and is on a dual frontage 388 sqm block.
  • 20 Lynwood Ave, Killara sold for $3.42m. This fairly original Californian bungalow is on 991 sqm in a blue-ribbon Killara location making it perfect for young families.
  • 6/25 Waruda St, Kirribilli (feature image above) sold for $3.35m. Stunning harbour bridge and opera house views boosted the price of this 2 bedroom, 1 bathroom apartment.
  • 2 Marie St, Castle Hill sold for $2.67m. This large 1543 sqm site comes with DA approval to build five townhouses.
  • 3 Headland Rd, North Curl Curl sold for $2.37m. Located on the headland near the ocean this original bungalow has potential views from a second storey and is on 467 sqm.

 

Until next week,

Bernadette

 

173 Underwood St Paddington sold for $6.05m

173 Underwood St Paddington

20 Lynwood Ave Killara

2 Marie St Castle Hill

3 Headland Rd North Curl Curl

Bernadette Brennan is the Principal and founder of Premier Home Finders, a specialist real estate buyers agent located on Sydney's lower north shore.