Real Estate

pre auction sales frenzy it doesnaet always mean itaes gone cheap

Written by The ReReport

13 Cudgee St, Turramurra, sold to a family moving from the eastern suburbs

Selling prior to auction is the favoured choice across Sydney in the current market and often it’s assumed that it occurs because there’s not much interest in the property.
But with today’s clearance rate again below 50 per cent, most agents are finding that getting multiple offers and competition before auction — and the deal done — is the best strategy.
Properties that are sold prior are still included in the tally when CoreLogic assesses the day’s preliminary auction clearance rate, but perhaps they may not have sold at all if they were tested under the hammer.
There were 699 auctions scheduled across Sydney. With 396 of the results in by this evening, auctions commentator Kevin Brogan put the clearance at 49.75 per cent, 0.57 per cent lower than the same time last Saturday.
Tim Fraser of Di Jones had multiple offers on three North Shore homes that probably fetched better prices than if they’d gone under the hammer.
A five-bedroom home on a 1.538sqm block at 13 Cudgee St, Turramurra, sold on Friday night for close to its $3.5 million guide to a family moving from the eastern suburbs.

37 Grandview St, Pymble sold for $5,555,000 prior to today’s scheduled auction

And a five-bedroom home on a 1,745sqm block at 37 Grandview St, Pymble sold for $5,555,000 — Mr Fraser had three offers on it during the week and the best offer came in from a young family in from Killara who spend a lot of time overseas.
Finally, a five-bedroom home on a 1,157 sqm block at 7 Rushall St, Pymble sold for $4,465,000 to a family from Turramura upgrading to a larger home.
A “reinvented” four-bedroom home at 7 Fraser St, Lane Cove also sold prior.
Belle Property’s Jess Goodman had been quoting a guide of $1.9 million to $2,090,000.
It ended up selling on Thursday — and although he couldn’t reveal the exact price due to a confidentiality agreement, he said it was right in the middle of the buyer’s guide range.
The purchasers were a middle-aged couple from a few streets away.

2/2 Hazelbank Rd, Wollstonecraft, was one that made it to auction day

Of today’s properties that made it to auction in the north, Belle Property Neutral Bay agent Tim Scarpignato sold a three-bedroom townhouse at 2/2 Hazelbank Rd, Wollstonecraft, for $1.9 million.
The price guide had been $1.85 million.
He had four registered parties — three upsizers and a downsizer — though when it came to actually bidding it was left to two of the upsizers who got embroiled in a duel.
Starting at $1.65 million, there were a range of $25,000; $20,000; $10,000 and $5000 bids.
The result was below the written reserve, but it was adjusted lower with vendor deciding to meet the market on the day.
The buyers were from Ryde.

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