A lack of stock is creating the perfect storm for vendors to score a great result at auction, as the imbalance between supply and demand continues to grow in the run up to spring.
This trend meant the inner west saw another ripper weekend with 19 out of 21 properties selling prior or at auction. This delivered the area a 90 per cent clearance rate.
One of the best results recorded was the $2.38 million sale of 174 Johnston St in Annandale, which sold for $280,000 above reserve.
Pilcher director Simon Pilcher said a lack of stock meant buyers are facing strong competition for what is for sale and this was translating into bumper results.
Mr Pilcher had a cracking auction for 174 Johnston St, with six of the seven registered bidders taking part in proceedings on the day.
After plenty of bids flew back and forth between six active bidders, a young couple for the lower north shore eventually came on top and snapped up the three-bedroom freestanding home.
Mr Pilcher said it was becoming common to find eastern suburbs and lower north shore buyers house hunting in the inner west.
“The lifestyle is a big draw card for them and also the inner west offers excellent value for money compared to what a similar size properties would sell for where they live,” he said.
Buyers also loved that the property had an oversized garage and that there was a DA to construct a studio on site.
The property is located less than a 100m from Annandale North Public and Booth St cafes are only a short walk away.