Price weakness shows at Wolli Creek apartment sale

It was Wolli Creek where the price weakness was evident amid weekend sales.

There was a $605,000 sale when the two bedroom at 128/88 Bonar Street was sold.

It had previously traded at $628,000 in 2015. 

Not a huge loss, but bigger once legal and estate agency selling costs are factored in.

The apartment is situated in the Sorrento complex were the facilities for residents include a heated pool, spa, gym, sauna and a playground for the children.

It is the second time the price has backtracked since first sold by Meriton at $395,000 in 2002, then selling seven years later at $315,000.

It was marketed as the most affordable two bedroom available in Wolli Creek by the Richardson & Wrench selling agent Nick Atanasovski who suggested a $600 a week anticipated rental return.

CoreLogic calculate Wolli Creek has some 4500 plus apartments, and put its median unit value at $720,000 which is back at 2015 levels.

The $630 median rental sits at levels first seen in 2017.

The sales of the 125 units sold this year have ranged from $475,000 to $1.4 million for a penthouse.

A $1.13 million sale had been sold at $1,172,000 off the plan in 2016. Another sold recently for $784,000 haven initially been traded at $820,000.

This article first appeared in The Daily Telegraph.