Real Estate

Increased competition delivering inner west strong auction results

Written by The ReReport
As seen in the Source link, written by realestate.com.au on 2019-07-10 10:30:00

HOT AUCTION

Big crowds saw the inner west record another strong weekend on the auction scene Picture: AAP IMAGE/ Adam Yip.

It seems like not even the school holidays can dampen the runaway form the inner west’s property market has shown of late.

Out of 44 properties that were scheduled to go to auction this past week, a whopping 35 sold prior to or at auction.

This delivered the inner west a 79.54 per cent clearance rate — the fourth weekend in a row it has hovered around this figure.

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The clearance rate was also the second best in Sydney, with only the eastern suburbs having enough might to prevent the inner west from claiming the top step.

Real Estate

No. 25 Kingsland Ave, Strathfield, was the inner west’s top sale on the weekend.

Belle Property — Strathfield principal Norman So said renewed interest in property is seeing local auctions go gangbusters.

“A few months ago we were only getting two or three registered bidders, and now we are easily getting double that now,” he said.

The renewed confidence saw many reserves smashed including 25 Kingsland Ave, Strathfield — the inner west’s top sale.

It sold for $4.01 million and $110,000 above the reserve to a Burwood family who only saw the property for the first time two days prior to the auction.

They edged out five other registered bidders and stunned the crowd by placing a $200,000 bid to virtually seal the deal.

Real Estate

No. 60 Barnstaple Road, Rodd Point, sold for $2.21 million.

Real Estate

No. 9 Reynolds Ave, Rozelle, smashed the reserve by $300,000.

Mr So said a lack of stock and strong demand in parts of the inner west is helping vendors on the price front.

“In Strathfield and Burwood, stock levels are about 30 per cent down from where they should be, he said.

Elsewhere, 60 Barnstaple Rd, Rodd Point sold $2.21 million, and around $300,000 more than reserve after 11 bidders registered, while 9 Reynolds Ave in Rozelle also sold $300,000 above reserve for $2.85 million through Cobden and Hayson Balmain.

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