Double Bay Auction Results – 5 July 2011

It is very quiet in the market place at this time of the year with only four (4) properties going up for auction yesterday; one (1) sold, one (1) passed in, one (1) withdrawn and one (1) postponed.

86 Francis Street Bondi Beach (3bed/2bath/2 car freestanding home on 289sqm) was purchased well at $1,550,000 yesterday – this was a good opportunity to renovate and turn into a fantastic home. 86 Francis street is another example that supports property prices in Bondi dropping significantly. In Bondi Beach, Australian Property Monitors latest data over last 6 months shows that the median house price dropped 11.8 per cent and the apartment price fell 5.7 per cent – there is very little demand at the moment which is driving prices down.

A house worth noting is 73 Kambala Road in Bellevue Hill (5 bed/5 bath/4 car home on 782sqm) which sold recently for $6,800,000 which was a fantastic price for the vendor in this market – we really didn’t think it would sell at that level. It goes to show that irrespective of the current market conditions, there is always a buyer prepared to pay a premium price.

It is a great time to be in the market for properties in the sub 1miliion bracket across the east – we are certainly securing attractive properties for our clients under market value that are returning solid yields with good growth for capital appreciation.

Auction clearance rates in Sydney on Saturday were 57% compared to 60% the week prior. There were 298 auctions held in Sydney, which was 17% down on the 360 results on the first Saturday in July 2010.

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

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