Powerhouse agency clears 95% for $55M
POWERHOUSE agency Ray White Double Bay has just sold $55M in property across 14 homes for an enviable 95 per cent clearance rate.
The elite agency in the Eastern Suburbs originally had 14 properties on its ‘mega auction’ order of sale but ended up selling 75 per cent prior to last night’s event, while three sold under the hammer and just one property passed in.
Sales included 8 Rupertswood, Bellevue Hill, a stunning 5 bedroom Spanish Mission style 1930s property on the pinnacle of the hill that was once owned by Hollywood actress Toni Collette just exchanged for $8M.
Also the brand new house at 23 Derby St, Vaucluse sold last night for $7.6M under the hammer after 76 groups had inspected it.
The super stylish four bedroom home at 49 Roe St, North Bondi sold for $2.926M under the hammer of auctioneer James Keenan after a tight tussle between three bidders.
Ray White Double Bay super agent Gavin Rubinstein said “lack of supply and buyer fatigue” were continuing to propel the current Sydney market higher.
“There is definitely a lack of supply driving this market, plus there’s a whole bunch of fatigued buyers who keep missing out over a long period of time that made standout offers prior to auction,” Mr Rubinstein said.
“We effectively ran an auction, before the auction, with multiple offers on each of the properties we sold prior and the person who got it was the one who was prepared to pay the most,” he said.
“There are no signs of slowing down in the short term, there’s lot of action but just lack of supply.”
The is not the first time the elite agent had a dominant strike rate with Mr Rubinstein selling 12 from 12 in the past two auctions nights for a combined sales total of $38.365M.
Ray White Double Bay director Craig Pontey predicts that coming into the winter months, where there was always a distinct easing in stock on the market, this would continue to fuel prices higher.
“Everyone runs away for holidays in July during school holidays and then it ramps up again from Spring, all the way until Christmas,” Mr Pontey said.
“August will be bigger than Ben Hur I reckon. We are already booking campaigns in August.”
High res images of 23 Derby St Vaucluse & 49 Roe St, North Bondi, click here
Ray White Double Bay
Director Craig Pontey
0419 404 040