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AU Strong week in Sydney for auctions

Property Here - Monday, July 29, 2013

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A two-bedroom apartment in this block sold for a massive $235,000 over reserve at Wiston Gardens, Double Bay.

A two-bedroom apartment in this block sold for a massive $235,000 over reserve at Wiston Gardens, Double Bay.

SYDNEY auctions broke the 80 per cent clearance rate barrier last week, contributing to another solid rise in home values and placing the city well ahead of the nation's other capitals.

A total of 372 planned auctions went ahead, with 300 cleared for a rate of 80.6 per cent according to RP Data statistics; above the weighted national average of 64 per cent.

Only Canberra came close to matching Sydney with a clearance rate of 72.2 per cent, which was the result of 13 of just 18 auctions for the week being cleared.

Melbourne results were still being counted, but were thought to be around the 70 per cent mark, while the remaining markets recorded clearances of well below 50 per cent. Brisbane (39.3 per cent), Perth (30.8 per cent) and Tasmania (28.6 per cent) were the worst performers.

Sydney's strong week culminated in a 0.7 per cent increase in home values, making it 2 per cent for the month and an impressive 6.7 per cent for the year to date. Sydney is leading the charge for 2013 from Perth (5.6 per cent) and Melbourne (4.3 per cent). Brisbane and Adelaide continue to struggle with 0.8 per cent and -0.4 per cent movements respectively.

The Bankstown region in Sydney's southwest has been the star performer of late, with its own clearance rate averaging around 85 per cent.

"All indicators point to Bankstown as an ideal location to buy property," said Robert Projeski, Australian mortgage Options, who believes the area to be a prime location for young families. "Progressive development such as the creation of a community learning centre is a sign that the Bankstown area is moving in the right direction. It's always a fantastic sign when you see cranes overhead; they are a sure indicator of economic growth."

A two-bedroom apartment sold for a massive $235,000 over reserve at 7/12 Wiston Gardens, Double Bay.

The art deco property in an exclusive harbourside cul-de-sac attracted more than 50 bids from 27 registered bidders, before being snapped up for $1.12 million by a couple looking to downsize from their Paddington terrace. The windfall will ease the vendor's move to a retirement home.

"We are currently experiencing a bubble in the market with huge demand for properties under $2 million," said agent Debbie Donnelley from Goodyer Donnelley. "This one had over 400 people through and 53 contracts issued."

A two-bedroom property at 7/8-16 William St, Ryde sold for $636,500 on the weekend; an impressive $56,000 above reserve. The property attracted 109 groups during its open house campaign and was purchased by first home buyers, who are yet to decide whether to move in immediately or rent it out for a while.

"Not only did this sell way above the reserve, it also sold for $40,000 above the last sale within the complex this year, which was a much smaller property," said Michael Dowling, Director at Starr Partners Ryde. "This just illustrates the demand within Ryde right now, it's the perfect time to sell."

An eight-bedroom house on a 1220sq m block of land in Strathfield has sold under the hammer for $2.8 million.

A crowd of about 60 gathered to watch the auction for 14 Firth Ave, which had 11 registered bidders and kicked off at $1.8 million.

Strathfield Partners agent Norman So said bidding went up in $100,000 increments to $2.7 million, where two bidders then fought it out the rest of the way. The property was bought by a local with intentions to rejuvenate.

More than 100 people gathered to watch 16 Kirkwood Rd, Cronulla sell under the hammer for $1.162 million, well above vendor expectations. The buyer interest had been around the $1 million even mark, but four determined bidders pushed the result beyond that figure on the day, according to Suzanne Boyland from Highland Property.

A two-bedroom apartment at Alexandria had a very strong open house campaign before selling under the hammer on Saturday for $655,000.

With initial expectations of $600,000 upwards, there was something about 25/240-270 Lawrence St, which had well over 100 groups through during a short campaign with Wilson Property Agents, beginning with a line-up out the door on the first Saturday.



Read more: http://www.news.com.au/realestate/news/strong-week-in-sydney-for-auctions/story-fnd91nhy-1226687543029#ixzz2aiT2ekQC