Double Bay Auction Results – 20 June 2011

It was a disappointing night on Monday for vendors with nearly all properties passing in. Twelve (12) properties went up for auction, two (2) were sold, ten (10) were passed in. The room was packed with people, many of them registered bidders, it was very interesting to observe as there was very minimal buyer activity. In this market we believe it’s very important for sellers on a case by case basis to determine if going to auction is the best strategy to sell their property – especially above the 1million bracket.

The apartment at 4/267 O’Sullivan Road Bellevue Hill (2bed/1bath/1car) was the hot property of the night with 22 contracts issued which sold for 50k above reserve selling at $,900,000. It is clear that properties that are desirable, well priced and with motivated vendors are selling.

Auction clearance rates in Sydney on Saturday were 52% compared to 53% the week prior.

Note: CohenHandler are buyers agents who act exclusively for people seeking to buy property in Sydney

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