Inner west: low stock level keeps market up

Posted by on February 22, 2016 in Market Reports | 0 comments

Inner west: low stock level keeps market up

An Ashfield home smashes its reserve by $120,000. Brendan Wong reports.

Ashfield property market auctions inner west Sydney

5 Margaret St, Ashfield sold for $1.47 million on the weekend.

In Ashfield, a three-bedroom house at 5 Margaret St sold for $1.47 million, smashing the reserve by $120,000.

All of the five registered bidders contested for the home at the auction which opened at $1.2 million. Ercan Ersan from Ray White Inner City Group said about 80 groups inspected the home and 10 contracts were issued.

“The buyer was an investor but everyone else was an owner-occupier,” Mr Ersan said.

Mr Ersan also sold a one-bedroom apartment at 7/525 Illawarra Rd, Marrickville for $610,000, and a record for the complex.

“Vendors’ expectations have come back a bit but the market is still strong as stock levels are low,” Mr Ersan said.

“We have got four or five buyers registered at auction with two to three bidding actively.”

KNOCKOUT OFFER

A FEDERATION home at 13 Acton St, Hurlstone Park sold at auction for $1.57 million, $70,000 above the vendor’s reserve.

The three-bedroom home attracted 10 registered bidders.

An opening bid of $1.4 million knocked out most buyers with only four actively competing.

Hurlstone Park property market auctions inner west Sydney

Vendor Judith Sadler at 13 Acton St, Hurlstone Park.

Richard Perry from Richardson & Wrench Marrickville saw through 142 groups at the inspections and issued 15 contracts.

The buyer was a family from St Peters whose property had been bought by the Government for the construction of the West Connex.

“They were under the pump and didn’t want to spend the year looking for a home,” Mr Perry said.

“Hurlstone Park is very popular with growing families that have primary school-aged kids or younger,” Mr Perry said.

The latest data from CoreLogic RP Data shows Hurlstone Park is one of the most tightly held suburbs in the inner west with a holding time of about 18 years.

FAMILY UPSIZES

BUYERS’ feedback on a three-bedroom house at 18 Heath St, Concord was around $1.8 million when it was on the market but on Saturday, it surpassed this by $307,000.

Concord property market real estate inner west Sydney

The 607sq m block on 18 Heath St, Concord has potential for a duplex.

It attracted strong interest with 150 groups seeing the home, 25 contracts issued and 15 buyers registering to bid.

The auction opened at $1.6 million with six buyers actively throwing in bids until the hammer fell at $2.17 million.

The home was listed with Aaron Papadimatos from Devine Real Estate Strathfield.

The buyer was a local family looking to upsize into a larger property, Mr Papadimatos said.

Set on 607sqm, the property had the potential for a duplex.

PUT UP YOUR DUKES

TWO bidders went head to head for a four-bedroom house at 4 Duke Ave, Concord.

Concord real estate Sydney market

4 Duke Ave was popular for its location, close to the water and golf course.

The auction opened at $1.6 million with the hammer falling at $1.72 million, $20,000 above the vendor’s reserve.

The buyers were a family looking to move to the inner west.

“They will either renovate or build their dream home,” Dib Chidiac from Raine & Horne Concord said.

During the campaign, 40 groups went through the home and six contracts were issued.

“Buyers liked the location,” Mr Chidiac said. “It’s a nice street and it’s not too far from the water and the golf course.”

The home had been tightly held by the same family for 46 years. Mr Chidiac also sold a three-bedroom Californian bungalow at 232 Concord Rd, Concord West for $1.51 million.

The property, which has links to legendary cricketer Don Bradman, was seen by 66 groups with eight contracts issued.

MEDIAN PRICE 18%

IN ANNANDALE, a two-bedroom house at 180 Young St sold under the hammer for $1.397 million, smashing the reserve by $147,000.

Annandale Inner west Sydney property market

180 Young St, Annandale

Nine buyers registered to bid with six competing actively.

The auction opened at $1.2 million and raised in mostly $20,000 lots.

The home was bought by a young professional couple who live in Camperdown.

During the campaign, 146 groups inspected the property with 25 contracts issued by Robert Clarke and Rebecca Duncan from Belle Property Annandale. The agents also sold a three-bedroom house at 106 Young St, Annandale post-auction for $2.155 million.

According to CoreLogic RP Data, the median house price in Annandale has risen 18 per cent in the last 12 months and is now $1,416,500.

Published: February 23, 2016

By: Brendan Wong

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