Double Bay Auction Results – 7 June 2011
It was a busy night in the Double Bay auction room yesterday with many registered bidders. Twelve (12) properties were scheduled for auction, five (5) were withdrawn, six (6) were sold, one (1) was passed in. Development opportunities have proven to be attractive in this market, 25 Stewart Street (DA approved 442sqm development site for two semis) went under the hammer and sold for $2,105,000 with nine (9) registered bidders – it was purchased for $1,875,000 in September last year.
Dover Heights still our suburb of choice representing excellent buying opportunity i.e.104 Military Road, freestanding 5 bedroom home on 613sqm with pool and double garage was sold last week for $2,410,000 which was great buying. Note, this property was purchased for $2,650,000 in 2005.
Auction clearance rates in Sydney on Saturday were 55% compared to 59% the week prior. We are certainly noticing that auction clearance rates have stabilised and provide positive prospects for sustained growth in prices. To help put clearance rates in perspective, in the height of the GFC in 2008, clearance rates dipped to 52% – this year clearance rates have been sitting between 52% and 59%. The cumulative clearance rate for the first quarter of 2010 was 69% compared to 53% for 2011.