Investor secures cheapest sale in Marrickville on record clearance rate weekend
There were 35 sales at $600,000 or under at weekend auction across Sydney.
APM had the house median at $1.2 million and the unit median at $800,000.
There were just the four Sydney sales in the $400,000s among the 600 results.
A $385,000 Marrickville flat was the cheapest, excluding one cheapie at Gorokan in the Central Coast. But the Marrickville sale reflected a 4% yield based on its September 2014 rental asking price.
The sale was achieved pre-auction when an investor secured the 39 square metre flat at 4/3 Ann Street, Marrickville (pictured above).
The freshly painted, first floor one bedroom apartment was marketed as ideally suited to the first home buyer or investors.
The First National Iskandar Real Estate agents Taylor Spratt and Tony Iskandar advised its rental was around $300 per week
The strata levy was $554 per quarter, the water at $176 per quarter and council at $276 per quarter.
The super strong Sydney weekend auction market recorded its highest ever clearance rate for a regular weekend on Saturday with APM's result of 86.1%. The previous highest was an on federal election in September 2013 when 86.5% was achieved on slim 200 volumes.
Four suburban regions reported clearance rates in excess of 90%. The best was the north west with 94.7% followed by Canterbury Bankstown 92.9%, the city and east 92.2% and the northern beaches with a clearance rate on Saturday of 91.1%.
The inner west had a still strong 88.2% clearance rate, the same recorded by the south. Next best was the lower north with 85.5% followed by the upper north shore 83.2%, the south-west 77.4%, the west 75% and the central coast 64.7%.
The most expensive property reported sold at auction was 22 Primrose Avenue, Sandringham for $7.8 million by McGrath.
"Sydney’s extraordinary home auction market is starting to defy superlatives but will face its biggest ever test next weekend," Andrew Wilson, the Domain Group senior economist said.
The pre-Easter super Saturday of auctions is set to break the all-time record of 1111 auctions as sellers rush to take advantage before the Easter break of the strongest market in Sydney’s history, he advised.