Crows Nest Townhouse Sells for $2.15 Million, Marking a $205,000 Drop from Previous Sale
Lone bidder nabs North Shore home for $205k less than it sold for three years ago
The Sydney Morning HeraldImage: The Sydney Morning Herald
A three-bedroom townhouse in Crows Nest, Sydney, sold for $2.15 million at auction, $205,000 less than its 2023 sale price of $2.355 million. Only one bidder participated, reflecting current market caution due to financing concerns and economic factors.
- 01The townhouse at 1/85-87 Burlington Street had a reserve price of $2.15 million but sold for that exact amount, indicating market shifts.
- 02The property sold for $2.355 million in 2023, highlighting a significant price drop of $205,000.
- 03Sales agent David Benjafield noted that buyers are increasingly cautious due to concerns about capital gains tax and loan preapproval reviews.
- 04The auction attracted only one bidder, a single woman downsizing from Mosman, despite initial expectations of three bidders.
- 05In Marrickville, a four-bedroom terrace sold for $1.65 million, with plans for renovations by the new owners.
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A three-bedroom townhouse located at 1/85-87 Burlington Street in Crows Nest, Sydney, was sold at auction for $2.15 million, which is $205,000 less than its previous sale price of $2.355 million in 2023. The auction, held on Saturday, saw only one registered bidder, contrary to the sales agent David Benjafield's expectations of three. He attributed the lack of participation to financing issues among potential bidders, reflecting a broader trend of caution in the current real estate market. Benjafield noted that the market has experienced a rapid correction, with a reported 10% decline in the area, despite official reports indicating only a 0.9% decrease. The successful bidder, a woman downsizing from nearby Mosman, was drawn to the townhouse's convenience and safety. Meanwhile, another property in Marrickville, a four-bedroom terrace, sold for $1.65 million, attracting four bidders, with plans for renovation by the new owners. The current market conditions are prompting buyers to carefully consider renovation costs and financing options before making decisions.
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The significant price drop in the Crows Nest townhouse reflects broader market trends, affecting buyer confidence and financing considerations.
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