112 Denison Road Dulwich Hill Auction
When there is 60% less stock on the market compared to a year ago and the opening bid is $50,000 above the guide, you just never know where the auction is heading...
The property
112 Denison Road Dulwich Hill is a free standing 2 bedroom home, on a decent size block of land, 234sqm. This is larger than most 2 bed homes in the area. An entry level home with a lot of potential and upside to expand in the future.
No parking on the property, but available street parking. The no parking does turn away a lot of young families. Denison road is also not the quietest street, but definitely not a main road either.
Price Guide
The price guide was $1,450,000 which sits right under the $1.5m cap first home bueyrs have if wanting to take advantedge of the annual stamp duty tax. The guide was reflective of recent comparable sales in the area.
The market
In the past 3 months, only one other 2 bedroom home in Dulwich Hill has sold. 3A Fairfowl Street, also without parking and sold for $1,582,000.
In the 3 months prior to that, there was 5 that sold, the highest price being $1,575,000 for 24 Frazer St.
There are three others currently on the market, although one only listed yesterday so buyers would not yet have considered that one if they were bidding today.
The 3 bedder next door (112A Denison Road), which was two levels, sold in August 2022, for $1,703,000 so you wouldn’t expect a 2 bed single level, 6 months later to sell for more. Not when the media is telling you that prices are crashing?!
Active bidders
Three active bidders on the floor.
Person 1 opened the bidding at $1,500,000 and was a strong contender
Person 2 made a couple of bids in the early stages and dropped out at $1.630m
Person 3 joined the bidding at $1.656m, and went head to head with person 1 until the end.
The result
Sold to person 3 for $1,755,000.
This is $173,000 more than anything comparable in the last 6 months!
Why?
There is no stock on the market. In fact, year on year, listings on market for houses in Dulwich Hill are down 60%!!!
This is creating a huge issue. The bottom of the market for quality properties has now passed.
Watch how the auction played out below
