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Property’s pot of gold


October 10, 2018 by admin

Spring buyers were out in force at the start of yesterday’s auction season, with some properties fetching much higher than expected prices.

The auction clearance rate was an impressive 63.9per cent, with results in last night for 228 of the 334auctions.

“It was the highest number of auctions for 10 weeks,” the senior economist of Australian Property Monitors, Dr Andrew Wilson, said. “With two weeks above 60 per cent, the results confirm the growing momentum in the Sydney housingmarket.”

Among the happy vendors were Adam and Amelie Cornelius, who sold their renovated three-bedroom cottage in Newington Road, Marrickville, for $1,030,000.

“We were hoping for mid-9s and it really exceeded what we were expecting,” Ms Cornelius said.

About 60 people packed into the small backyard, with 12 registered bidders. As the planes roared overhead, six bidders were active. In the end, a young family nabbed the double-fronted freestanding home on 290square metres.

Belle Property Newtown agent Joseph Tropiano said there was a shortage of quality homes for sale. “So those who have got into the market early are going to get some good results,” he said.

APM says there have been 14 sales above $1million in Marrickville in the past year, but this is the only one without off-street parking.

The vendors, who are moving to Perth, have spent about $80,000 on improvements since buying the property for $830,000 in 2009.

A Lane Cove home sold for $182,500 over reserve. “It’s awesome and I’m so excited,” the selling agent, Soraya Wheatley, of LJ Hooker Lane Cove said. There had been 13 registrations, 10 active bidders and 123 groups through.

In the east, investors paid $910,000 for an old two-bedroom fibro on a 620-square metre block at 15 Brisbane Street, Chifley, and plan to rent it out for $750 a week before knocking it down and building a duplex. “There were seven registered parties, but six bidders,” Natalie Zulian of Ellison Zulian Property said.

“We had 78 groups through the door, 13 contract holders and some very happy vendors.”

Scan Sydney Tower to see an interview with the happy vendors.

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