Here’s a good indication of the improving market: a Queens Park unit selling for $117,500 more than the identical one next door that sold in March.
Last Saturday’s auction of the two-bedder at 1/2b Queens Park Rd, owned by Bauer Media sales exec Rachel Stabback and her financial services director husband Michael Roberts, was exciting to watch.
It sold for $1.4 million, $100,000 above reserve.
Back when the market was weaker, CoreLogic data shows 2/2B Queens Park Rd — which had an even better back yard than this most recent sale — fetched just $1,282,500.
On Saturday, Belle Property Bondi Junction principal Edward Brown had nine registered parties and five were active.
“We have seen buyer confidence pick up in the unit market since the election and rate drop,” he said.
The clearance rate in the east in the past week, according to CoreLogic, was an impressive 79.1 per cent.
It was the best performer of all the regions.
Tomorrow there are 401 auctions scheduled across Sydney.
It will be interesting to see how the market performs as we head deeper into winter and the amount of properties on the market dwindles.
In North Randwick, the phone and email inquiry has been running hot for the Leung Architects-designed three-bedroom semi of Guy Yaffa, whose family own Yaffa Media.
“We had 61 email inquiries overnight,” McGrath agent Angus Gorrie said.
No wonder — the home at 3 Dangar St is in the highly desirable pocket close by Centennial Park.
Mr Gorrie is quoting a $2.5 million price guide ahead of a July 20 auction.