Sydney Sales Market Update | July 2020

Welcome to our monthly sales market update as we report in from the trenches.

Buyer confidence is increasing slowly, but surely. The situation in Victoria is on everyone’s mind and Sydneysiders have been more cautious than ever, restricting all unnecessary travel. On the bright side, voluntary self-isolation has meant that only serious buyers have been attending open homes. Without the Saturday strollers, attendance at opens has been marginally low, but we are still getting a good number of offers and enquiries. We are seeing buyers more confident to make offers and move ahead should the offer be accepted.

What sold in July 2020 in Sydney NSW 2000

 

349/298 Sussex St Sydney (1,1,0)—$750,000

Building grade: C

This apartment sold for a very optimistic price considering the current economic outlook. This is a healthy indicator for the majority of Sydney apartment owners with relatively stock-standard units. The majority of apartments in Sydney are for investment (1 or 2 bedders) rather than the outlier Circular Quay $4M apartments, so a good takeaway from this recent result.

2603/68-70 Market St Sydney (1,1,1)—$1,250,000

Building grade: B+

The Tower apartments have ALWAYS BEEN extra special, with Swissotel occupying the majority of floors, adding 6-star value to this building. The Tower has historically sold and rented for more. We would consider this an A grade building (in terms of price; not necessarily in terms of views, facilities or finishing touches). Regardless, $1.25M is a fantastic price for a 1 bedroom apartment in the city and we congratulate the vendor, buyer and agent on a successful transaction.

1011/61 Macquarie St, Sydney (1,1,1)—$2,002,000

Building grade: A

The Pullman Quay Grand is one of the most prestigious addresses in Sydney. The price achieved for this apartment show just that.

 

279/158 Day St, Sydney (2,2,1)—$966,000

Building grade: C-

This is a prime example of a fantastic C grade building results. We have done a lot of work in Millennium Towers and each time we bring a 2 bedroom apartment to market buyers have responded with the $900s. This sale is absolutely on the mark.

2309/343 Pitt St, Sydney (2,2,1)—$1,280,000

Building grade: C+

This sale was also 100% on the mark. A 23rd floor, fairly presented apartment. Market price; a very good representation of a Century Tower 2 bedroom apartment on a lower level.

Very fair price for this type of 2 bedroom apartment: 1 master bedroom and 1 small second bedroom (as small as a study). A good rule of thumb for these types of 2 bedrooms is they sell as a premium 1 bedroom apartment or lower-priced 2 bedroom apartment.

702/4 Bridge St, Sydney (2,1,0)—$750,000

Building grade: Art Deco

Image credits: realestate.com.au

Updated appraisal

An updated appraisal may allow you to pursue other financial interests, sell (either downsize or upsize) or ensure that your property is adequately insured.

Joseph Fairchild If you want to know the NEW value of your property please get in touch with

Joseph Fairchild at 0425 945 888 or joe@metrorealty.com.au

 

Sydney Rental Market Update | July 2020

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