Strong competition brings exceptional results
What an exciting month of auction sales we’ve had. April has proved to be the strongest month of residential sales since April 2010.
Buyer activity has greatly increased and competition at auction has been fierce creating the perfect conditions for very strong above reserve sales. We can see the direct effects of greater competition when we compare March and April results. In April we conducted 121 less auctions than in March but we saw the average number of registered bidders rise by 1.1 and the percentage of properties selling above reserve rise by 6%.
Investors are really adding to the market drive in the pre $1million price bracket as they look to maximise yields. Top end sales are improving as we see our local share market gain momentum and overseas investors find value in the Sydney market. We feel the property market will continue to improve over the next few months as stock levels begin to reduce and competition remains healthy.
It’s a great time to be selling and any homeowner thinking about doing so should act between now and August. We believe there will be large volumes of properties hitting our market in October and November after our federal election this year and running right up to the close of 2013.
Market Highlights
Residential sector
Auctioneer: James Hayashi
A collection of astute local Illawarra builders and developers were on hand looking to capitalize on a pair of partially complete family homes with captivating lake views at 39 & 39a Whimbrel Avenue, Lake Heights. It sold at auction for $606,500 through Jason Capelo, Southern Estates.
Auctioneer: Paul Millett
Enjoying a prime Annandale position, a 1 bed apartment in the warehouse converted Kodak House redevelopment at 39/62 Booth Street, Annandale attracted 8 bidders and sold for $535,500 – more than 13% above its reserve through Richard Lane, Pilcher Residential.
Auctioneer: Ricky Briggs
Positioned in one of Kensington’s premier streets, a 3 bedroom 2 bathroom home at 99 Cottenham Avenue, Kingsford sold for $120,000 over reserve at $1.39 million through George Savva, LJ Hooker Coogee.
Auctioneer: Leon Axford
Commercial sector
An incredible corner freehold building adjoining the much anticipated $110 million Kiaora Lands Development at 465 New South Head Road, Double Bay went to auction at the Commercial Real Estate Auction Centre and sold for $4,425,000 through Miron Solomons & Warren Duncan, City Commercial Property.
Auctioneer: Damien Cooley
A vacant 52sqm partitioned office with excellent fitout at 34/89-97 Jones Street, Ultimo sold at auction for $75,000 through Brian McInally, Colliers International.
Auctioneer: Damien Cooley
Positioned in the renowned Quay building and featuring a stunning 315sqm restaurant/bar designed by Michael Delaney and leased to Café Nice by Fratelli Fresh sold prior to its auction for over $4,000,000 through Miron Solomons and Warren Duncan, City Commercial Property.
Auctioneer: Damien Cooley
Positioned in the western capital of NSW with 12 poker machines and offered for the first time in 19 years the Railway Junction Hotel at 181 Fitzroy Street, Dubbo sold prior to its auction for an undisclosed amount through Gerry Quinlan, Manenti Quinlan & Associates.
Auctioneer: Damien Cooley
Damien Cooley
Director - Cooley Auctions
