THE PROPERTY OBSERVER INSIGHT
No signs of winter hibernation as June Sydney auctions strongest in a decade: APM
Since the Queen's Birthday holiday weekend, Sydney's auction clearance rate has averaged 76% compared to the 74% averaged between Easter and the Queen's Birthday, according to Australian Property Monitors.
Both periods represents the highest level of buyer activity for a decade for their like-on-like time period.
Sydney's weekend rate of 77.4% was a strong result with the winter yet to enter hibernation.
The most expensive property reported sold at the weekend was a six-bedroom house at 73 Albert Road, Strathfield, sold by Devine Real Estate for $3.4 million.
It just fell short of the highest recorded house price in Strathfield over the past year of $3.5 million on Augusta Street in February.
A big unit auction sale was a three-bedroom unit at 8a/3 Campbell Parade, Bondi Beach which fetched $2.4 million. But they actually wanted $2.75 million earlier this year.
The most affordable property was a three-bedroom house at 40 Cadonia Road, Tuggerawong, up Charmhaven way in the Wyong Shire which sold for $177,000. They had marketed it as wanting over $150,000.
Sydney's rather sluggish prestige suburbs have emerged as the top performing in 2013, RP Data's June figures show.
RP Data's latest June figures show that over the past six months dwelling values in Sydney's most expensive suburbs rose by 4.8%.
There was 4.6% growth in the broad middle market.
The slowest growth was the most affordable end of the market, which increased by 3.2%.
Tim Lawless at RP Data says Sydney's premium property sector – properties worth $1.5 million or more – had been held back for five years partly because of the volatile weak stock market.
Meanwhile prestige Sydney Harbour offerings are being m0pped up after months on the market.
Yachtie Matt Allen has taken a put and call option over Sir William Tyree's Darling Point harbourfront.
The deal was done last month, presumably at well short of its ambitious $50 million hopes on its initial listing. Matt Allen's most famous Sydney to Hobart skippering has been of Ichi Ban.
Its an 1,800-square-metre Lindsay Avenue property at the tip of Darling Point.
Sir William bought it in 1967 for $170,000 from the estate of Margaret Wirth of the Wirth Circus family.
It was listed with $40 million to $50 million hopes. No sale price is yet available, nor the option details, but Property Observer would expect somewhere around $30 million.
Altona, the Point Piper harbourfront mansion, crowned the recent financial year’s list of Sydney’s top 20 highest price house sales.