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AUCTION LISTINGS* for week ending 28 June 2020
*Note: To date, most state governments have announced the return to public open homes and on-site auctions this Saturday, some online auctions could be converted to on-site auctions or postponed to a future date. The above counts of auctions represent most recent known auction dates for the coming week.
AUCTION RESULTS for week ending 21 June 2020
Last week, Sydney recorded a final auction clearance rate of 45.1% with Saturday auctions selling better than mid-week by some margin (46.2% verses 38.5%). Sydney volumes were steady at 526 properties. Clearance rates dipped on the previous week’s 47.9%.
Melbourne auctions once again struggled. A clearance rate for the week of 43.3% was recorded with the Saturday results fairing a little worse than the mid-week results (43.2% verses 44.3.%). Volumes rose to 561 properties for the week compared to the 477 for the previous week..
Looking forward to this week, Sydney has 621 scheduled, while Melbourne has 622 scheduled. So both cities offering very similar volumes.
Full individual auction results can be found on our website:
DISTRESSED PROPERTY OF THE WEEK
Lot 2, Neverfail Bay, Berowra Waters NSW 2082
Here is an opportunity to restore a deep-waterfront home and garden to its former glory. Located in Berowra Waters, a northern outer suburb in Sydney, approximately 40 km north of the CBD, this home was constructed 30 years ago by its current owners and is built over 3 levels and would best suit a large family. The property also has a separate self-contained guest suite on the ground floor, plenty of space for family / friends to visit or it would also make an excellent teenager retreat or could provide income as a holiday let (STCA).
The home appears to be structurally sound but requires updating and painting throughout, general maintenance, and the restoration of landscaped gardens over the entire block from the waterfront to the rear boundary. This could be a good home to take advantage of the current Federal government HomeBuilder grant for owner occupiers who substantially renovate or redevelop.
The second floor comprises 2 spacious living rooms leading out onto a large covered and semi-enclosed verandah looking northwards over Berowra Creek. The kitchen on this level is a functional, open-plan design with a large walk-in pantry and a number of fridges and freezers. The dining room adjoins the kitchen. Also on this level is a study and a full size bathroom.
The top level has 2 large bedrooms, plus a large study/fully fitted-out sewing room/extra sleeping area and another full size bathroom. A feature of all the bedrooms is the complete wall of exceptional built in wardrobes.
With a floor space of approx. 182 sqm, this home is being sold on a complete walk-in walk-out basis, being fully furnished with quality furniture, including 2 compete walls of bookshelves, laden with an eclectic mix of books. There is a large inclinator to transport goods and building materials from the pontoon to the back door of the house. The home is an easy 8-10 minute boat ride from the secure Residents Marina and Carpark.
Berowra Waters is located just off the F3, only 60 minutes by car or train from Sydney CBD, or 45 minutes to the Central Coast. The area has a history as a holiday getaway luring people with its abundant natural beauty, scenic waterways for fishing and canoeing, and bushland at Ku-ring-gai Chase National Park and Muogamarra Nature Reserve. The location tends to attract an older demographic but also draws families who want easy access to city trains.
Currently Asking prices in this postcode range from $820,000 to $1 million plus. This home is for sale at $895,000 after an initial asking price of $1.2 million in Jan 2018. Currently asking prices for houses have increased by 9.7% over the month, after a 14.6% increase over the 12 months. Unit prices have remained stable in the last month, over 12 months there was a huge 23.8% increase in asking prices.
Asking Rents for houses have declined by 2.8% over the month but unit prices have increased by a 16.9% over the month. Implied gross rental yield sits at 3.1% for houses and 2.6% for units. Vacancy rates have dropped from 4.3% in April 2020 to 2.6% in May 2020.
If you are looking for a sanctuary away from the hustle and bustle of city life this might just be it.
Keep monitoring this market’s growth with SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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