It's a seller's market

With so much negative speculation floating around it’s easy to be influenced not informed, but for Sue McDonald, the strength of property market now was vital in listing their property for, and ultimately selling, at auction.

The property in question was a run-down two-bedroom terrace at 110 Morehead Street in Waterloo that sold under the hammer for $1,010,000 - $110,000 over the reserve.

“We believe the property market is stronger than a lot of people have been predicting so we felt compelled to sell now - rather than waiting for the unknown further down the track,” said Ms McDonald on behalf of the vendor Margaret McDonald (pictured below with Ray White Surry Hills Sales Executive Jack McGhee).

“We’re of course very happy with the result but it’s a bittersweet day for us as three generations have lived in and have excellent memories of this home.

“All I can remember is competing types of music being blasted out by different family members and my grandmother just shaking her head. We hope another family can be very happy here.”

The exceptional result was successfully managed by Ray White Surry Hills Sales Executives Jack McGhee and James Natoli.

“This property was being offered to the market for the first time in over 50 years and attracted a huge amount of attention with exactly 100 groups attending the open homes,” Mr McGhee said.

“The auction kicked off at $780,000 and it took more than 50 bids between six of the 15 registered bidders before the hammer finally fell well above the reserve price at $1,010,000.

“It’s a seller’s market with demand continuing to outstrip the supply of property and we now have 14 cash-ready buyers walking away from this home who are still looking to purchase.

“The buyers were an older couple and they loved the potential of the property - with the ability to convert into a three-bedroom or even extend into a four-bedroom home.”