Double Bay Auction Results – 30 May 2011
There wasn’t much action in the Double Bay auction house this week, out of the 11 properties that went up on Monday, 4 were passed in, 1 withdrawn and 1 postponed. 16 George Street achieved a good result at $3.205m given the Dover Heights market is doing it tough at the moment – i.e. house located at 113 Military Road (3bed/2 bath/2car) with pool sitting on 597sqm sold last month for around 1.9m which was excellent buying.
Auction clearance rates in Sydney on Saturday were 59%.
We are certainly finding that overall the supply is outweighing the demand. The market is definitely less competitive. There is still plenty of transaction and volume of properties for the sub 1million across the board – this market is still moving quite rapidly.
Furthermore, research suggests that looking at properties advertised for sale in Sydney and Mosman & the results were very interesting. During the GFC in 2008 figures suggested that about 150 to 180 properties were for sale, but right now there is a lot of places for sale & there is approximately 253 for sale & 361 if you include the surrounding suburbs. There is definitely still an oversupply of prestige apartments floating on market in Elizabeth Bay and Potts Point, approx 16 in the bracket for 3 million plus in these areas – this stock has been around for some time, even since last year.
While on the Sydney’s east in Bellevue Hill – where for years it was very hard to find any available properties – there is approx 84 for sale – which for there is a lot, and if you include the suburbs around Bellevue Hill there is a large amount of 441 properties for sale . In the east there is approx 13 houses above $10m.
Consequently, you will see that there has never been a more important time for buyers to receive up-to-date market advice and to be assisted in your purchasing decisions by a buyers agent who is prepared, without discrimination, to act solely in your interest and to negotiate purchase terms on your behalf which you may never have thought possible.