July 1st 2024.
The housing market in Sydney continues to sizzle even as the colder months approach, as evidenced by the recent sale of a rundown timber house in the Inner West for a staggering $2.41 million. The property, located at 21 The Parade in Enfield, sold for $430,000 above the expected price, despite being in need of major renovations estimated at around half a million dollars. This didn't deter a whopping 25 bidders from registering for the auction, a significant increase compared to the average of two to four bidders for a typical Sydney house auction.
The selling agency, Richards Matthews Real Estate, described the property's 570sqm land as a "blank canvas" for its new owners. With council approval, the buyers have the opportunity to either renovate, rebuild, or develop the home according to their own preferences. The property was last sold in 1991, according to Domain, making this a rare opportunity for potential buyers to own a piece of Sydney's coveted real estate.
Traditionally, the winter months see a decline in property listings and sales, but this doesn't seem to be the case this year. Despite the cooler weather, buyers are still actively seeking out properties, as evidenced by recent data showing a high rate of home resales and financial gain. In fact, the latest CoreLogic Gain & Pain report revealed that over 94 percent of the 85,000 resold properties in the first quarter of this year recorded a nominal gain. The medium gross profit was a substantial $265,000, with the median loss being only $40,000.
It's clear that the Sydney property market is showing no signs of slowing down, even in the face of the current season. With buyers willing to pay above and beyond for properties in desirable locations such as the Inner West, it's no wonder that the average selling prices continue to rise. And with the option to customize and create their dream home, the new owners of 21 The Parade have made a wise investment in the ever-growing Sydney real estate market.
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