Just eight sales at $500,000 or below at Sydney weekend auction

Just eight sales at $500,000 or below at Sydney weekend auction
Jonathan ChancellorDecember 7, 2020

There were just eight sales at $500,000, or below, at Sydney weekend auction.

The sales ranged from $424,000 at Monterey to $500,000 in Darlinghurst.

There was another sale at Toukley, some 110 ams from Sydney, on the NSW Central Coast at $297,500. It was a two bedroom villa which was marketed by Raine & Horne Charmhaven as a "great investment opportunity with a weekly rental return of $320pw to $345pw." It would reflect a yield of around 5.6%.

The 5/288 Main Road, Toukley villa had previously traded at $247,000 in 2007, reflecting around 2.6% annual compound price growth.

5/288 main road toukley NSW 2263

Metropolitan Sydney's cheapest sale was a one bedroom at 15/53 Banks Street, Monterey (below) through PRD Woodward Ramsgate.

15/53 banks street monterey NSW 2217

Other Views 

The 22/6 Stanley Street Darlinghurst sale at $500,000 was an one bedroom unit in the art deco St James block through Belle Property.

The other six sales were:

$495,000 - 36 Melba Road, Lalor Park - three bedroom home

$487,500 - 36/155 Missenden Road, Newtown - studio apartment

$485,000 - 10/2 Phillip Street, Strathfield - one bedroom unit

$472,500 - 610/72 Henrietta Stree, Waverley - one bedroom unit

$467,000 - 30/29 Castlereagh Street, Liverpool - three bedroom unit

$448,000 - 22/48 Neil Street, Merrylands - two bedroom unit

Australian Property Monitors reported 99 auction sales above $1 million at the weakend amid the 558 reported results.

Auctions are typically pricier than the general private treaty market.

The weekend median auction house price was $1.19 million and $821,000 median auction unit price, according to APM.

APM put the Sydney median house price at $873,786 and the unit price at $597,688.

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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