Published on July 10th, 2017
Elders Bankstown – News & ViewsNews & Views
While the media talks about the doom and gloom of the Sydney Real Estate market, rising interest rates and the so-called ‘burst of the bubble’, Sydney recorded a median auction price of $1,330,000 for the month of June. This is a 1.1% rise from the month of May and 8.6% higher than June last year which recorded a median auction price of $1,225,000. Prices have risen yet clearance rates have slowly declined, so are we finally starting to see some balance in this market?
Auction clearance rates have stayed steady for the last 4 weeks, sitting at just under the 70% mark, while the volume of properties run to auction has stayed at record numbers. The outrageous growth of the last few years is slowly coming to balance, but we haven’t felt the impact of stamp duty cuts yet.
First home buyers are rushing to the doors of properties under the $650,000 mark and we predict that we will see the true effect of this within the coming months. For more information on stamp duty cuts and how it can affect your property call our office on 9707 3600 and keep your eye out for our Quarterly Market Report coming out next week.
Bankstown Real Estate
The value of a good Real Estate agent is priceless, especially in these testing times for the market. The Bankstown area saw clearance rates of 53% and 60% for the last two weekends respectively and we are seeing the agencies with strong marketing programs and dedicated agents achieving the results at auction.
Elders Bankstown achieved great success over the weekend with a particularly unique property selling for a huge price. The original 3 bedroom home at 89 Dutton St, Yagoona was dwarfed by its 1397 sqm total land size and appealing 20.1m frontage. The Elders Elite marketing program drew a large crowd to auction, watching the hammer finally fall at a whopping $1,920,000. You can watch the LIVE auction video on facebook here.
Some notable auction results sold by Elders Bankstown:
3 Salamander Pl, Mount Lewis – Sold by George Bechara for $1,281,000
87 Waruda St, Yagoona – Sold by Greg Hawkins & Arthur Arfanis for $965,000
85 Waruda St, Yagoona – Sold by Greg Hawkins & Arthur Arfanis for $880,000
89 Dutton St, Yagoona – Sold by Joe Mouwad & Elizabeth Frangieh for $1,920,000
72 Antwerp St, Bankstown – Sold by Tony Khoury for $1,050,000
72A Antwerp St, Bankstown – Sold by Tony Khoury for $1,040,000
151 Belar Ave, Villawood – Sold by George Bechara for $870,000
To see a map of auction results for the Bankstown area over the past two weekends click the dates below:
Auction Results 24 June
Auction Results 1 July
If you’ve been thinking of making a move in the near future, buyers are waiting for properties of all types. For a FREE property appraisal on your home give our office a call on 02 9707 3600.