Sydney Property Wealth Spreads Widely Across Suburbs

Sydney Real Estate Auction Results – February 25th 2017

Property snapshot
Listed auctions: 940
Reported auctions: 668
Sold: 578
Withdrawn: 53
Cleared: 80%
Total sales: $693,317,424
Median: $1,420,000
Source: Australian Property Monitors

 

February 25th proved to one of the biggest auction days Sydney has had in the past year with 940 properties listed for auction and an 80% auction clearance rate. In total, $693 million dollars worth of property was sold and the median price increased to $1.42 million from $1.227 million the week prior. The reason for the spike in the median price is the increase in property prices all across Sydney – not just in historically affluent suburbs.

The story from this weekend’s auctions is the sheer number of properties that sold above $3 million in suburbs all across Sydney. There were 22 properties that sold for $3 million+ at this weekend’s auctions and while this price is expected in some Sydney suburbs, we have never seen the spread of $3 million+ sales as widely across Sydney. There were multiple sales in the Inner West, sales in the South, in the North and in the East. Here is a sampling of some of the properties that sold above $3 million in Sydney this weekend:

19 Wheatleigh St, Crows Nest, a four-bedroom home with pool on 557 sqm, sold for $3.7 million.

5 George St, Marrickville, a four-bedroom house on 860 sqm, sold for $3.87 million.

93 Lennox St, Newtown, a four bedroom house with pool on 386 sqm, sold for $3.75million.

5 Edgar St, Eastwood, a five bedroom home on 1,182 sqm sold for $3 million.

111 Cabarita Rd, Cabarita, a five-bedroom house on 550 sqm, sold for $3.3 million.

44 Belgrave Esplanade, Sylvannia, an unrenovated three bedroom waterfront house on 1,000 sqm, sold for $3.813 million.

7 Lookout Avenue, Dee Why, a five bedroom waterfront home with pool sold for $5.68 million.

53 Oceanview Ave, Freshwater a four bedroom home on approx. 500 sqm, sold for $4.4 million.

185 Albion St, Surry Hills, a five bedroom house on 368 sqm, sold for $4.365 million.

110 Thompson St, Drummoyne a four-bedroom home on 468 sqm, sold for $3.655 million.

14 Union St, McMahons Point, a three bedroom terrace on 240 sqm, sold for $3.621 million.

79A Fletcher St, Tamarama, a four-bedroom house with pool sold for $4.775 million.

2/1A Lavender Crescent, Lavender Bay, a three-bedroom apartment with stunning harbour views sold for $4.4 million.

Finally, an un-renovated four-bedroom house on 528 sqm located at 11 Lower Almora St, Mosman sold for $5.2 million, considerably above the $4.25 million price guide.

As always, please don’t hesitate to get in contact if you need some assistance with your Sydney property purchase and/or want to find out more about our buyers agent services.

Bernadette

111 Cabarita Rd Cabarita sells for $3.3m.

111 Cabarita Rd Cabarita sells for $3.3m.

5 George St Marrickville sells for $3.87m.

5 George St Marrickville sells for $3.87m.

93 Lennox St Newtown sells for $3.75m.

93 Lennox St Newtown sells for $3.75m.