The Cooley Index has arrived
Gauging accurate and current market conditions along with developing trends in the residential and commercial real estate sectors will be more accessible as of today with the much anticipated launch of our brand new online reporting tool – the Cooley Index.
Developed from our goal to make statistics on clearance rates, auction volume and buyer activity as transparent and readily available as possible – the Index aims to provide the real estate industry and greater community with an accurate assessment of present and changing market conditions, and overall market performance in the Sydney metropolitan region. By providing a detailed level of information our aim is to assist our clients and their vendors in understanding auctions more intimately and therefore helping them make educated decisions on the right way to sell their property.
As market leaders in auctions we have the ability to produce meaningful data. In 2011 we conducted 4,237 auctions and according to Australian Property Monitors perform 40 per cent of all real estate auctions in Sydney’s Eastern Suburbs. And our goal is to be completely transparent with the data we collect. Many auction companies will announce when they have a big day or strong clearance but we tell you as it is, to the date, all the time with no unreported results.
Two separate indexes will be available reporting on residential and commercial auction statistics including the:
Monthly clearance rate
Number of post auction sales within 14 and 28 days
Percentage of auctions sold prior
Percentage of properties sold above reserve
Average number of registered bidders
Average number of bids
Percentage of auctions that start with a vendor bid
Highest, lowest and median property price
The Cooley Index is updated at the same time on the same day each month with a monthly email distributed to a subscribed database. The index is also available to view on our website at cooleyauctions.com.au/cooleyindex To register simply visit the link and follow the prompts.
Market Highlights
Residential sector
A gracious federation residence at 47 Warrangi Street, Turramurra set amongst beautiful gardens in one of Turramurra's premier streets sold at auction for $1,900,000 through Scott Chadwick, Chadwick Real Estate.
Auctioneer: Paul Millett
An original 3 bedroom brick home ready for renovation at 26 Woorak Crescent, Miranda sold at auction above reserve for $611,500 through Luke Mandile, Shire First National.
Auctioneer: Andrew Cooley
A classic Californian Bungalow located in one of Kingsford's most desirable pockets featuring 3 bedrooms and 442sqm of land at 3 Leonard Avenue, Kingsford sold at auction well above its written reserve price for $1,425,000 through Tony Kalofonos, NG Farah Real Estate.
Auctioneer: Damien Cooley
A gorgeous freestanding weatherboard cottage on 278sqm of land with lock-up garage at 3 Merton Street, Rozelle sold at auction for $960,000 through Danny Cobden, Cobden & Hayson.
Auctioneer: Christopher Mourd
Commercial sector
A prime freehold building, Lot 2 & 4 - 300 George Street, Sydney fully leased to American Express & Lee’s Malaysian Restaurant with a net income of $249,804.94 sold at auction for $3,610,000 (Yield 6.9%) through Steam Leung, Colliers International.
Auctioneer: Damien Cooley
An iconic CBD landmark building with a flagship tenant, Fratelli Fresh, a lease in place for 10 + 5 + 5yrs, net rent of $378,000 and 700sqm at Lot 1/5-11 Bridge Street, Sydney sold at auction for $5,000,000 through Miron Solomons & Warren Duncan, City Commercial Property.
Auctioneer: Damien Cooley
A whole floor 492sqm strata space, fully leased investment with a net rent of approx $144,000 at Level 4, 221 Miller Street, North Sydney sold at auction for $1,302,000 through Andrew Palmer, Knight Frank.
Auctioneer: Damien Cooley
An amazing result at 38 Bankstown City Plaza, Bankstown with a 10 year lease to Westpac + 2 x 5 year option, net passing income $371,314.92 as at 01/07/2012, fixed 3% annual increases and approximately 1,308sqm sold at auction for $6,433,000 (Yield 5.77%) through Harry Bui & Mario Diab, Colliers International.
Auctioneer: Damien Cooley
Damien Cooley
Director - Cooley Auctions
