Cooley Auctions reports a record month of auctions
The Sydney property market has been showing some encouraging signs over the past few weeks providing much to get excited about. Not only have we had a record month of auctions but also buyer activity has increased along with our auction clearance rate. Saturday 31 March was a big test for the property market with more than 700 properties scheduled to go to auction in Sydney. Cooley Auctions booked 81 properties that day and sold 46 achieving a clearance of 57%.
The rush of vendors wanting to sell before Easter this year has substantially increased the March auction volume. We believe these encouraging results are a product of increased buyer activity and sellers meeting the market. We can report many situations this month where top end properties have sold for less than what they were bought for only a few years ago or, in some cases, what they were bought for 7 years ago. The encouraging aspect of this is that they are selling and activity is increasing. Spirited bidding and sales well above reserve have also been in abundance in the mid range price bracket of $800,000 to $2 million.
It remains a very opportunistic time to be buying with vacancy rates remaining low, the rental market screaming along and stable interest rates. The well-earned Easter break is upon us and we would like to take this opportunity to thank our clients for their support and loyalty, and wish them a happy and safe Easter!
Market Highlights
Residential sector
Tucked away in a quiet cul-de-sac behind the cosmopolitan hub of Crown Street, this quintessential Surry Hills terrace at 8 Cleveland Avenue, Surry Hills sold at auction for $991,000 through Charles Touma, Belle Property Surry Hills.
Auctioneer: Damien Cooley
Set on 1,681sqm of land with 180 degree views taking in Botany Bay, Sydney city skyline, Georges River and Coronation Bay this master built impressive home at 155 Caravan Head Road, Oyster Bay sold at auction for $980,000 through Peter Geraghty, Sanders Property Agents.
Auctioneer: Andrew Cooley
A freshly renovated 3 bedroom tri level terrace set on 142 sqm of land at 32 Phillips Street, Alexandria sold at auction for $1,175,000 through Brigitte Blackman, BresicWhitney.
Auctioneer: Ricky Briggs
A large crowd filled the wide tree-lined street to see the auction of a charming single story terrace in the heart of cosmopolitan Erskineville village at 22 John Street, Erskineville where it sold at auction for $735,000 through Braden Walters & Andrea Bromell, True Property.
Auctioneer: Paul Millett
Commercial sector
The Inner West icon Bath Arms Hotel at 348-352 Parramatta Road, Burwood went to auction at the
Commercial Real Estate Auction Centre and sold for $1,000,000 above reserve at $6,500,000 through Gerry Quinlan, Manenti Quinlan & Associates, and Sam Hill, John Hill & Co.
Auctioneer: Damien Cooley
Located on busy Princes Highway, Blakehurst this freehold multi tenanted fully leased investment with a total annual rental of $74,470.56 pa + GST sold at auction for $901,000 through Hayden Bennett, Commercial Property Group.
Auctioneer: Andrew Cooley
First time offered in over 30 years, a unique property located in a busy commercial location with great main road exposure sold at auction for $1,250,000 through George Karabolis, Eastside Realty.
Auctioneer: Bram Page
A unique freestanding building on 448sqm, currently zoned R2 Low Density Residential at 10 Goodsell Street, St Peters sold for $1,180,000, well above its $810,000 reserve through Tom Barnier and Alex Jaafar, Colliers International.
Auctioneer: Damien Cooley
Damien Cooley
Director - Cooley Auctions
