Reserves being smashed as a lack of stock fuels frenzy

Posted by on May 20, 2016 in Market Reports | 0 comments

Reserves being smashed as a lack of stock fuels frenzy
Killara 北海岸 悉尼房产

30 Karranga Ave, Killara

The lack of stock currently plaguing markets across Sydney is causing buyers to flood home inspections and auctions, and leading to strong sales results.

Indicative of this trend, one Killara home smashed its reserve by $670,000 at the weekend in front of about 150 onlookers.

Located on a quiet tree-lined street mere metres from the station, the single-storey four-bedroom house at 30 Karranga Ave attracted 17 registered bidders.

Killara 北海岸 悉尼房产

30 Karranga Ave, Killara

Killara 北海岸 悉尼房产

Killara has long been attractive to both local and foreign Chinese buyers.

After the reserve price of $2.85 million was met by the very first bid, seven of the registered bidders continued to push the price up until a local downsizing couple and a phone bidder from China were the final two vying for the home.

The hammer eventually fell at $3.52 million to the downsizers.

Belle Property Lindfield agent Geoff Dean said he was seeing a lot of demand from a range of buyers for single-level homes in particular.

 

OPENS WITH A BANG

Barangaroo 豪宅 悉尼市中心 公寓

2/40 Dorritt Street, Lane Cove

In a further sign that buyers were out in force at the weekend, the opening bid at the auction of a Lane Cove townhouse well exceeded the $1.22 million reserve.

Despite 10 bidders registering to contest the two-bedroom home at 2/40 Dorritt St, the first bid of $1.275 million blew most out of the water, with only two parties contesting the home.

Bidding climbed in $25,000 and $10,000 increments until a couple from Artarmon buying for their relatives in Melbourne secured the home for $1.41 million – $190,000 above reserve.

“This was a very strong result for a villa, especially considering the last sale in the complex was late last year for $1.22 million,” Debbie Jepson of Belle Property Lane Cove said.

“This result shows how much demand there is for large apartments, townhouses and villa-style properties close to Lane Cove village’s transport, cafes and shops.”

 

INVESTOR SWOOPS IN

A THREE-BEDROOM Lindfield apartment attracted huge attention from investors, families and retirees as the area had become increasingly popular, Ray White Gordon/St Ives listing agent Irina Rozenkrants said.

Between 10 and 12 parties turned out to each inspection of the property at 2/57 Lindfield Ave, she said, before a local investor snapped it up for $983,500.

One of just eight in the full-brick complex, the home offers a northeast aspect, has 117sq m of living space and is a short walk to the station.

 

HERITAGE ON THE EAST SIDE

Killara 北海岸 悉尼房产

5 Locksley St, Killara

IN KILLARA, a five-bedroom period home just 200m from the station sold at auction for $3.012 million.

Set on a sprawling 1350sq m block at 5 Locksley St on Killara’s coveted “east side”, the home’s heritage features are evident throughout, with a formal living area with a fireplace, box beam ceilings, timber plate rails and leadlight windows.

Modern updates include a granite kitchen and a pool.

It sold with Ray White Paddington’s Dean Jarman and Jane Matthews.

According to CoreLogic RP Data, the median sale price for houses in the suburb is $2.3 million.

 

Published: May 20, 2016

By: Erin Forster

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