Second Surry Hills skinny terrace auction result suggests Sydney shedding its price exuberance
Last month 29 Terry Street, the so-called Surry Hills skinny terrace, sold under the hammer for $965,000 to a Chinese investor.
Today the neighbouring 31 Terry Street - listed trying to match or better that result - was passed in at $805,000.
It too is a two-storey terrace with a 2.85 metre width, a land size of 38 square metres and an internal size of 48 square metres.
Listing agent, Wiseberry’s David Cradock said next door was a good benchmark, but after today's auction told Property Observer the neighbouring price had "stunned" the market. It is now for sale at $949,000.
The weekend's initial auction clearance rate was 82%, according to Australian Property Monitors, the fourth consecutive weekend with a weakening success rate. Pymble had the top house price at $4.7 million and Liverpool the cheapest apartment at $338,000.
The terrace was last sold in 2001 for $299,000. In January 2013, the home had a weekly asking rental price of $460.
Council rates are $789.60 p.a and water rates are $940 p.a.
The current $460pw rental was suggested as having potential of $600pw with renovation.
The narrow 1870s Sydney terrace is located near Central Station between Foveaux Street and Kippax Street.
A renovated 38 square metre terrace three doors away sold at $633,000 in May two years ago.
Another Surry Hills weekend offering sold through Cooley Auctions for $1.2 million when offering by Charles Touma at Belle Property. It was a renovated 1890s Victorian terrace on a 103 sqm parcel (below) at 79 Goodlet Street.
The two bedroom Goodlet Street offering with 80 sqm space sold at $760,000 in 2009. It had been up for rent at $770 a week in early 2014.
There were strong results out west with auctioneer Rob Trovato securing the sale of a development site offering (below) at 60 Blaxcell Street, Granville for $1.575 million.
There were 40 plus registered when offered through Soon Tee at LJH Granville.
The four bedroom brick veneer 1950s home sat on a huge 1052 sqm corner block of land with 16 metre frontage. It last traded in 1996 a $212,000.