Auction Demand Calms Fear Of Real Estate Retreat
Sun Herald
Sunday March 16, 2003
THERE was plenty of activity and impressive sales at auctions across Sydney yesterday.
This was despite fears that the property market had weakened.
Although the clearance rate for weekday auctions was 53 per cent, a much stronger 70.2 per cent of properties up for auction were sold yesterday.
The most expensive sale was of a block of six units on Marine Parade, Maroubra.
They sold for $3.555 million.
This was well above the reserve of $2.9 million despite a council order demanding the units be immediately upgraded.
At Gipps Street, Bronte, a three-bedroom family home sold for $1.391 million.
At Concord, a Gloucester Street house on the market for the first time since 1923 sold for $805,000, which was $30,000 above its reserve.
A small weatherboard cottage in need of renovation at Crows Nest sold for $1.02 million.
Renovate: Page 55
© 2003 Sun Herald
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