Sydney`s housing market has turned cold and well-educated buyers now have plenty of options. At Saturday`s auction, they hope to pick up a bargain, but the results are mixed.
At Hercules St 3 / 96 in Dulwich Hill, the final auction price for a three-bedroom house was 1.55 million yuan, 200000 yuan higher than the guaranteed price.
The home also started at one million three hundred and ninety five thousand yuan above the guaranteed price, beating most of the seven bidders and thanking Russell (Frank Russo), a buyer`s agent from Search Find Invest, who has led the auction from beginning to end.
He said that while there were two other groups competing, they were not competitors at all for Russell, who had won a young couple`s price increase with a "lucky figure" of eight.
With an area of 588 square meters, Russell represents a young professional woman who wants to be a homeowner.
Close to the inner city, Russell said, is similar to the east side and better than the north coast, so it`s more cost-effective. You can still enjoy some lifestyle here, such as a coffee shop. Traffic may be better than anywhere in Sydney.
The Agency Inner West`s sales agent and auctioneer Hassan (Shad Hassan) said the results were impressive.
"I think everything went well, and that`s far more than we expected, so the buyer`s agent started with a very high price, drove off the others at once, and there was still a competition between the two at the end of the day," he said. The price is really good. "
"it shows that the house is still selling very well, and I think it will give other buyers confidence to know that people are not watching and doing nothing."
The result was equally satisfying for seller Corey Ty (Corey Tai), who did not expect the final price to be so high.
"We are very happy, we hope to sell a good price, but also prepared for a low price." He said。 The median price of a separate house in the city is 1.5 million, and the auction is close to the median price. Sellers bought for eight hundred and sixty thousand yuan in 2012 and are now almost doubling their prices.
With 511 properties at auction in Sydney on Saturday, Domain recorded a liquidation rate of 55.1 percent in the results of the 321 auction reports.
The liquidation rate fell to 55.2% last week, even worse this week.
In a stand-alone house at 49 Frenchs Rd in Willoughby, four bidders also competed fiercely.
The three-bedroom stand-alone house starts at 1.85 million, with an area of 538 square meters, with a final sale price of 2.025 million yuan, higher than the guaranteed price of 50, 000 yuan.
Pratt (James Pratt), an auctioneer at JPA, said that as the plot became smaller and smaller, buyers wanted the money available to buy larger houses because they knew the size of the plot was significant in Sydney.
Meanwhile, a rare Victorian house in Paddington`s Ha Hargrave St, sold for 3.45 million yuan, 5000 yuan below the guaranteed price.
"this is the real picture of Sydney`s real estate, which has a high liquidation rate in a great city area, but buyers will still have some reservations about what they`re paying too much," Pratt said.
