A luxurious lifestyle property in Wahroonga, featuring tennis courts, recently sold for an impressive $9.5 million at auction. The six-bedroom grandiose home on Braeside Street garnered significant interest, with 91 groups visiting the property during the campaign. Out of the five registered bidders, four actively participated in the bidding process. The auction commenced at $8.8 million, and after several bids, the property sold for its guide price of $9.5 million.
The selling agent, David Walker from Ray White Upper North Shore, highlighted that the buyer of the property will be relocating from Seaforth. This successful sale further demonstrates the ongoing demand for high-quality properties in the market. Records indicate that the property was last sold for $5.9 million in 2017.
Over the weekend, a total of 811 homes were slated for auction in Sydney. According to Domain Group, a preliminary auction clearance rate of 67 percent was recorded from 534 reported results, with 115 auctions being withdrawn. Withdrawn auctions are considered unsold when calculating the clearance rate.
In another auction, John and Marian Parnaby, a retiring couple, sold their four-bedroom home in Newington. Situated in a suburb renowned for being the location of the Athletes Village during the 2000 Sydney Olympics, the property attracted six registered bidders. Bidding commenced at $2 million and quickly reached the reserve price of $2.1 million. The property eventually sold for $2.45 million to local construction company owner John Morris. The Parnabys, who were emotional during the sale, plan to downsize to a waterfront apartment in Wentworth Point.
In Paddington, a dilapidated property on William Street sold for $2,715,000. Despite the high construction costs in recent years, there are still buyers who are eager to renovate their own properties, according to selling agent Catherine Dixon from PPD Real Estate.
Experts in the industry have noted that while the clearance rate of 67 percent indicates ongoing demand in the market, the interest rates are currently keeping the demand relatively subdued. The shortage of properties due to immigration is providing some support to the property market. Nevertheless, the high interest rates are counteracting this effect.
Overall, the auction results reflect the complex dynamics of the Sydney property market. While demand remains, factors such as interest rates and the household savings rate are impacting purchasing power and affecting market performance.
Sources:
– Ray White Upper North Shore
– Domain Group
– McGrath Strathfield
– PPD Real Estate
Note: No URLs provided for the sources.