Showing no signs of a market slowdown, Ray White Double Bay’s first spring auction event on Monday 29 August was attended by over 150 potential buyers and vendors.
The atmosphere in the room was electric with one buyer jumping the bids by $500,000.
“The lack of stock and our high level of quality marketing helped us achieve some unbelievable prices. Our Vendors were ecstatic” said Elliott Placks, Director of Ray White Double Bay.
With 14 properties going to auction, 12 were sold, a total in excess of $37,000,000. The result marked the beginning of Sydney’s spring selling season.
Director, Craig Pontey, said the result was a sign of things to come.
“There has been much anticipation around the spring market. Tonight’s result is indicative of what to expect in throughout the season. Buyer demand has in no way diminished,” he said.
The highest sale of the night was 7 Rivers Street, Bellevue Hill which sold for $4.7 million, followed closely by 12 Dalley Avenue, Vaucluse with a result of $4.405 million.
After being held for 40 years, the three bedroom penthouse at 61/42 New Beach Road, Darling Point sold for $3.375 million. A five bedroom home at 152 Hopetoun Ave Vaucluse sold for $3,728,000, 278A Military Road, Dover Heights went for $3.28 million and 7/321 Edgecliff Road, Woollahra sold for $1.665 million.
Rounding out the evening, 6/144 Glenayr Avenue, Bondi Beach achieved a sale of $1.5 million and a studio apartment at 15/14-16 O’Brien Street sold for $623,000.
James Keenan, Ray White Double Bay’s in-house auctioneer said: “It was great to see the team working hard on the Auction room floor, with the buyers. Some properties had seven to ten bidders. It just shows the depth of the buyer demand that’s there.
“With warmer weather and strong market conditions coming there is great pent up unsatisfied buyer demand out there in the Eastern Suburbs.”
“The strength and professionalism of our sales team is unparalleled. We have many unsatisfied buyers looking to house their family at the moment. This augers well for the run to the end of the year,” Craig Pontey added.
With low interest rates and low stock levels, Ray White Double Bay expect prices to maintain their steady growth.