Will Trump trump the Sydney property market?

November 10th, 2016

Maybe. Read our report from one of the first Sydney auctions a day after the US election.

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On behalf of a client, we registered to bid at last night’s auction of 10/34 Fairfax Road, Bellevue Hill.

It eventually sold under the hammer for $1.515 million – around $16,500/m2.

What was really strange about this auction was the mood among the big crowd (including Jonathan Chancellor) and seven eventual bidders: despite the property’s appeal (even though a three storey walk up with looming maintenance issues), every bid was a tooth pull for the auctioneer.

All bidders were subdued, their bids small and tentative with the eventual knock down price well below two recent comparable sales at around $18,000/m2.

Two months ago, the same room would have been on fire.

Trump effect or maintenance issues?

Hard to know but it’s pretty unlikely some maintenance issues could simultaneously pack a room and cause that mood.

Time will tell.

We will keep you posted.