Fear and uncertainty have driven thousands to make a desperate December dash to cash in on the still-simmering property market before 2022, with Sydney and Melbourne seeing a huge spike in the number of Saturday auctions compared to this time last year.
In Sydney, a low 58 per cent clearance rate was collated while Melbourne achieved 61 per cent – compared to 76 per cent 12 months ago. Nicholas Cowdrill, of McGrath Hunters Hill, sold the European-inspired home in conjunction with Tracey Dixon and said it was the fourth highest price ever achieved in the suburb as well as the top sale across all three cities on Saturday.“The $5 million-plus market here hasn’t slowed down at all … the guy that owned the property built it 20 years ago,” Mr Cowdrill said.
Selling agent Clay Brodie, of Ray White Woollahra/Paddington, collected $2.508 million for the four-bedroom home on a 636 square metre block, and said despite the home being a knockdown and a prison sitting next door, eight registered bidders battled it out before a family nabbed the keys. “But our auctions have been really good this year; we’ve had some great results. We were apprehensive about having auctions this close to Christmas and we have seen a slight drop in buyers … but I think there are still people trying to get locked in for next year and that’s partly because there’s uncertainty about what’s going to happen.”
Tunnel, location, location...
Think of the income from the neighbours
This is madness. Negative gearing for residential properties has to go.
The buyer had the courage of conviction.