Double Bay Auction Results – 26 July 2011
The auction room in Double Bay has been quiet during July and will not start to pick up again until September. Seven (7) properties went up for auction, two (2) were sold, four (4) were passed in and one (1) withdrawn. We are definitely seeing a trend of properties selling prior to auction given auction clearance has not been very strong this year.
The market is starting to gain more momentum as we move into August – let’s hope next Tuesday the RBA don’t lift interest rates.
Auction clearance rates in Sydney on Saturday were 64% compared to 56% the week prior. It was the first time clearance rates have pushed above 60% since February which was a good result.
On the retail front , some of the Woolloomooloo wharf restaurants are being sold in one line – the property investment syndicate Quantum Group are looking for a combined price tag around 25 million for the four strata retail lots – 5, 6, 7 and 8 that are occupied by Manta, Kinsley’s and Otto. It will be interesting to see how that sale goes at the end of August by expression of interest.
Note: CohenHandler is a buyers agent who act exclusively for people seeking to buy property in Sydney.