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This spring is set to be an ‘exciting time for buyers and sellers’, according to the agent who sold a Randwick apartment for $170,000 over reserve on Saturday.

The $1.42 million sale price for 2/109 Avoca St through Mark McPherson of McGrath Coogee was just one of a string of way-above-reserve results across Sydney, with CoreLogic putting the clearance rate at a whopping 81.2 per cent.

The eastern suburbs and city and inner south regions were both particularly strong, with clearances of 82.61 per cent and 82.35 per cent respectively.

The dining room (above) opens to a balcony with views of a church.

 

In Randwick, Mr McPherson had 15 bidders register for the three-bedroom. two-bathroom deceased estate.

Explaining the huge numbers who turned up, Mr McPherson said: “Buyers have realised we’ve hit the floor of the market and we’re going to have a really consistent sort of market for the next two to three years.

“I’ve seen this market for the past 20 years and I think it’s a great opportunity for people to trade … people are making more commitments.”

The well-located older-style apartment blocks at 16 and 18 Rainbow St, Kingsford (above) sold for $14.4 million.

 

Ryan Greenhalgh of Ralton Property Group sold 16 & 18 Rainbow St, Kingsford — two amalgamated sites with two apartment blocks built in the 1970s — for $14.4 million, a record price per sqm gross floor area for Kingsford.

It’s a price significantly higher than the $10,225,000 achieved for a similar site at 22-28 Gardeners Rd, Kingsford in Dec 2018.

Mr Greenhalgh had 123 buyer inquiries for the Rainbow St site, which is set to be student accommodation.

Ralton Property Group had numerous Asian investors miss out on the Rainbow St sale still actively seeking further development opportunities in the UNSW area.

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