Going, Going . . . Wait For The Poll
Sydney Morning Herald
Saturday October 3, 1998
There's a sizable backlog of auction property waiting to be listed after the election.
Estate agents have already scheduled hundreds of auctions and expect many more.
This week agents listed 310 houses and units, down on the 352 listings in the same week last year.
Agents sold 59 per cent of their listings for a $91 million total, compared with the 72 per cent sold for a $104 million total in the same period last year.
"There is a considerable backlog of listings, given the interruption from election, school and religious holidays," a Blacket & Glasgow agent, Mr Peter Blacket, said yesterday.
Waterfront prices are expected to be under severe pressure, with a wave of prestige properties already listed.
Ozemail's chief, Mr Sean Howard, and his wife, Dani, have listed their Woolwich waterfront for October 17 auction. The three-block estate last traded in late 1996 for $4.32 million.
Leading liquidator Mr Ian Ferrier has listed his Camp Cove marine villa. It last traded in 1992 when bought from solicitor Mr Bill Blackshaw for $3.6 million.
Homoeopath Ms Margaret Cawood sold her nearby Camp Cove block through Rod Smart Real Estate yesterday. The vacant block, which failed to sell at its auction earlier this year, fetched about $2.5 million.
Businessman Mr Sid Griff has listed his Point Piper waterfront duplex for sale through Richardson & Wrench Double Bay agent Mr Michael Dunn.
Adman Mr John Singleton has listed Tahiti, his Hermit Bay, Vaucluse, waterfront, for October 27 tender.
Big ticket inland listings include Tregoyd, Sir Tristan Antico's former Mosman home which has been listed by the Malaysian development group Dealruby for October 21 tender.
AVERAGE SALE PRICE NOSEDIVES
Sydney's average residential sale in June was $299,000, down $20,000 on the May average, according to State Treasury statistics.
Historically the June average has tended to be lower than May's, but the 6 per cent drop this time was considerably larger than previous.
In June last year, the average Sydney price fell $4,000 to $287,000. In June 1996, it dipped $7,000 to $252,000.
BEACHGOERS GET A PEEK OF PACKER'S BONDI PAD
The media mogul Mr James Packer's lavish, $4 million, three-storey Bondi Beach apartment has been revealed following the partial removal of the building's scaffolding.
There are plenty of clean white surfaces and high-tech aluminium shutters, and much glass, stainless steel and marble.
The property, with views of Australia's best-known beach from its two balconies, was designed by Humphrey & Edwards architect Graham Humphrey. The disused corner garage site was bought in 1995 for $2.25 million.
© 1998 Sydney Morning Herald
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