Price weakness shows at Wolli Creek apartment sale

Price weakness shows at Wolli Creek apartment sale
Staff reporterDecember 7, 2020

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.

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