What’s happening in the Inner Western City Fringe
This week has seen a continuation of an active market with sales still strong and a consistent number of new listings coming to the market to keep things balanced. We monitor the number of properties for sale across the inner Western City Fringe. This includes the ring from Herne Bay through to Kingsland, and spreading as far out as Western Springs and Westmere.
There have been around 170 homes for sale in this area since the start of February. It should be noted however that of these, almost 100 are either new apartment developments or existing apartments. When these are taken away, the situation does not look quite so bountiful.
This could explain the sales we have seen happening. 47 Warwick Avenue went to auction in March, passing in at $1.7m. We concluded the sale this week at just over $2.1m. The house proved itself as a quality product that just needed a little more time. Our gorgeous house at 12 Elizabeth Street also passed in at Auction but had a conditional contract that afternoon for almost $300,000 more than the highest bid. Our colleagues John & Nic also had strong bidding (8 registered) on their beautiful Herne Bay avenues villa at 21 Ardmore Road. Once again, it passed in at $2.4m, only to be sold a couple of hours later for over the $2.5M mark.
It appears some buyers are holding back at auction, unsure if the market is as strong as they have been told. Once the dust has settled however, they still want the home and are prepared to negotiate to secure it. Good homes are still achieving good prices in a competitive environment.
