The results are in!
- belindacassano
- May 28, 2024
- 2 min read
Last week I wrote to you about why house prices are surging and, after the week just gone, I’ve seen it first hand.
This weekend we had 7 auctions scheduled on the peninsula. All proceeded to auction and all were sold on the day with some astounding results. (I have listed the latest sales at the end of this email).
Some notable examples are a house in Balmain which was first quoted with a price guide of $1.7M. It sold on Saturday, under the hammer – and gaze of a large crowd – for a whopping $2.65M!!
Another property in Rozelle had a price guide of $2.3M and sold under the hammer for $3.08M. And yet another in Balmain had a guide price of $1.45M and sold for $1,707M.
All had stiff competition.
In fact, for the second week of auctions for 2021, Core Logic reported 357 auctions scheduled across the weekend for a preliminary clearance rate of 89%. Our auctioneers, Menck White, had 20 auctions booked last week for a clearance rate of 100%. But here is the real showstopper: 127 registrations across 10 auctions that ran for the week. That is an incredible 12.7 registrations per auction on average.
In another example, after only 2 open homes, we’ve just sold 4 Nelson Street, Rozelle for $1,800,000 (Guide Price: $1,650,000).
We met 63 buyers in three days, issued 7 contracts, and met a wide range of buyers with various budgets.
The following is an article that appeared in yesterday’s Domain, reinforcing what we’re all-seeing.
Domain Article
The demand for property has undoubtedly outstripped supply for some time. But where it has been a shortage of stock and homeowners willing to sell in the past, now the disparity is clearly due to the flood of new buyers into the market. Statistics show that the number of listings remains around the same or more than the number from the same time last year in all the capitals.
If you are thinking of selling, now is one of the best times we’ve seen since 2017. Our market conditions are unique right now and perfect to take advantage of.
We achieve our strongest results by following a proven strategy, tailor-made to your situation. Take the opportunity to gain from this advantage and my expertise and contact me now.
If, however, you or anyone you know would just like to discuss the current value of your home and the best strategy to get you the best price when you come to sell, you can contact me any time.
Below are a few properties we are currently marketing for sale.
Published August 24, 2021
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