by Mish Shedlock, Mish Talk:
Home supply in Australia is up with the number of bidders down. Supposedly this puts prices in the bargain range.
For example, you could buy any of the following beauties for $2 million or so, a ‘Bargain’ on Real Estate’s ‘Super Saturday’.
That auction took place yesterday. Today, the results are posted. First, let’s investigate some asking prices.
Basically, Back to Normal
Several houses up for sale this weekend required major renovations were selling for around $1.7m.
Real Estate Institute of NSW president John Cunningham said buyers could compete for homes this weekend with the pressure easing.
Properties with features buyers tend not to like – like being south-facing, on a busy road or having lots of steps – are taking longer to sell and at lower prices,” Mr. Cunningham said.
While these houses are still not cheap, they have major potential.
“This is basically the market just returning to normal.”
The Auction results are in, by region. The article pertained to Sydney and those results are in the NSW region.
I did not track down all the listings in the article.
However, I am pleased to report the 14 Abbots for Road property was sold at auction for the bargain price of $2,320,000.
Let’s see what $2,320,000 buys.