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The property, owned by three family members since 2014, attracted strong interest leading into the auction, with eight registered bidders competing for the asset. The final sale reflects an impressive internal rate of $13,823 per square metre and delivers a 4.15 per cent gross rental return, a strong result considering current market conditions.
The successful purchaser is a seasoned investor who already holds assets in the surrounding Inner West area. Their acquisition highlights a continuing trend in Sydney’s multi-unit residential market, where investor appetite remains elevated despite higher interest rates and tighter lending conditions.
The sale follows a similar strong outcome at 126 Percival Road, Stanmore, which sold just a week earlier well above reserve, albeit on a lower 3.8 per cent gross return.
"These results underscore the high demand for well-located, high-yielding residential blocks as spring momentum builds," said Melanie Lahoud from Ray White Double Bay who specialises in blocks of apartments.
“There’s no doubt enquiry levels have surged in recent weeks,” she said. “We’re seeing a wave of qualified, often cash-ready buyers who are looking to move decisively. The early spring activity is already showing signs of being one of the most competitive in recent years.”
"This transaction reflects growing confidence among investors and coincides with a broader shift in asset ownership across Sydney."
Many current sellers are long-term holders, exiting after years, if not decades, of ownership. Buyers, meanwhile, are recognising the scarcity and long-term upside in this asset class, particularly as unit vacancy rates remain at historic lows and rental growth continues to outperform.
Rental markets, too, remain exceptionally tight, with rents increasing as much as 45 per cent over the past three years in some areas, making assets like 49 Orpington Street especially attractive for yield-focused investors.
