Jonathan Chancellor | 1 February 2014

Redfern's median house price hits $1.01 million as termites don't stop debut 2014 auction success

Redfern's median house price has surpassed $1 million for the first time.

Just last week the suburb was not on the list of Sydney's 163 million-dollar suburbs that included neighbouring Surry Hills and Darlinghurst.

"I've got news for the folks out there, with more sales data coming in. I've re-run the numbers and the median price for Redfern is $1.01 million," the APM senior economist Dr Andrew Wilson told Radio 2UE today.

"Redfern is now one of those million dollar suburbs of Sydney, with a top price last year of $2.45 million" he said. Redfern sales last year also include 111 Marriott Street (pictured below), traded in 1927 for 525 pounds, which sold at $1,207,500.

There were 44 news suburbs in the Australian Property Monitors list over the past year.

That fresh Redfern median was mimiced by an onsite auction today when a near-knockdown Redfern was sold at $1.025 million before a crowd estimated by the agents as 200.

The Century 21 sale was $75,000 above reserve after nine registered to bid, the agency advised Property Observer.

It was a public trustee auction through Century 21 Parkins Gibson Surry Hills agents Warren Gibson and Peter Parkins.

Its weatherboard timber facade will need to be kept under City of Sydney council guidelines at the 108 square metre holding.

There were four bidders for the 48 Chelsea Street (pictured below) time capsule which was marketed on realestate.com.au as "a rare find, a 1910 double-fronted residence ripe for renovation."

The current 64 square metre floorplan offers two/three bedrooms with an opportunity for an attic extension. 

With some buyer's remorse, a mining company lawyer bought it. The buyer was sensibly from a family of builders will renovate it and then seek tenants.

It last traded at around 435 pounds in 1956.

"Boom! Just over $1 million for a 100-year pile that's unlivable. 2014 looks likes hot a hot market," The Daily Telegraph's property writer Kirsten Craze tweeted, getting in long before the SMH came up with their "auction madness" line.

Sydney first auction numbers for February tally 93 properties scheduled to go under the hammer, slightly higher than for the same weekend last year when 80 properties were listed for auction, the APM data indicates.

Sydney achieved its increasingly standard 80% weekend auction success rate, with Melbourne not far behind at 73%, according to APM. The REIV had 61 of the 81 selling across Melbourne, with the volume down on the 106 of the same Saturday last year.

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