OLDER units, particularly ones built between the 1960’s and 1990’s are making a comeback in Sydney and beyond, with a series of impressive auction results in the last week.
OLDER units, particularly ones built between the 1960’s and 1990’s are making a comeback in Sydney and beyond, with a series of impressive auction results in the last week.
“With the market really gearing up again, buyers are turning to the older unit market in the search for both value and character,” said Ray White NSW Chief Auctioneer Alex Pattaro.
“We’re seeing phenomenal results across Sydney when it comes to this particular style of property and they’re attracting multiple bidders.
“Not only do these older units offer style, but astute investors know there’s real upside in buying and flipping these types of properties.”
1/9 Bank Street.
Mr Pattaro said there were three results in particular last week that highlighted the current strength of the older unit market, with increased number of first-time buyers and investors venturing back into the market.
“Unit five at 108 Reserve Road in Artarmon was a real stand-out as 16 registered bidders battled it out for the two-bed one-bath unit,” he said.
“There were 120 people in attendance at the auction event and the property eventually sold for a staggering $1,002,000.
“Over in Meadowbank, a recently refurbished two-bed one-bath unit at 1/9 Bank Street sold for $570,000 with eight registered bidders fighting for the property.
Unit five at 108 Reserve Road.
“This was a perfect example of how an older asset can be purchased by an investor, given a spruce up, and then sold on for an excellent price.
“Unit four at 10-12 Short Street in Kogarah offered this exact opportunity and buyers were well aware of the potential that was on offer.
“There were three registered bidders for this one and it sold for $537,000, above vendor’s expectations for the property, that formed part of a boutique complex of just seven.
“The market’s going to continue to get better, so if you’re sitting on an older unit and thinking about testing the market with it, there really has been no better time.”
