Sale price of a five-bedroom red brick home in Castle CoveA five-bedroom family home in the inner west sold for $6.05 million at auction on Saturday to a recent arrival in Sydney., Strathfield, was modern throughout and had undergone a renovation eight years ago.
Belle Property’s Norman So said he thought the auction was about to stop when it reached $5.6 million.“And then it re-ignited again, that was interesting… normally when it slows down that means it’s towards the finale of the auction,” he said. The property was one of 721 scheduled auctions in Sydney at the weekend. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 67 per cent from 440 reported results, while 85 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding opened at $3.33 million then jumped in $50,000 increments, until a final $20,000 bid secured the keys for a young family upsizing from an apartment in the city.McGrath’s Craig Ireson has plenty of buyers coming from more dense areas seeking more space. The block of 1073 square metres was guided between $1.2 million and $1.3 million and the reserve of $1.4 million was adjusted on the day to sell.
AMP’s chief economist Dr Shane Oliver said the clearance rate of 67 per cent was up a little bit from the week before, but was still weak.
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