This auction proves the market is currently sitting right where it was in March 2021... which puts buyers in a very dangerous predicament

The property

8 Harriet Street Marrickville is a free standing, 4 bedroom home on a relatively large block of 372sqm. The location for Marrickville is excellent.

The property was presented in an original but completely liveable condition. It came with potential to either modernise the home, or for a developer to consider turning the site into a duplex.

The current owner had purchased it 10 years ago for $1,065,000 and it looks like it was only ever an investment property for them.

Price Guide

The price guide was in the high $1's, reflective of similar properties that had sold at the end of 2022.

The property was available off market from December 2022, and officially came on market in February 2023. Standard campaign and auction took place 15th March 2023.

The result

After person 4 decided they didn’t have another $1,000 to take it over $2.3m, it sold to person 3 for $2,300,000.

Is deja vu in the air?

I do not have a crystal ball!

It does not feel like 2023 is going to boom at the same rate as 2021 simply due to the tighter credit environment we are in, however, it does feel like the market has passed the bottom. At least when it comes to houses, well located 7km from the CBD and suitable to a family home.

I doubt we will see another 4 bedroom freestanding Marrickville family home on 372 sqm or more, sell this year for under $2,300,000.

The data lags the market on the ground, and the media lags the data. If you wanted to time the bottom of the market, you might just find you’ve missed it.

Source: Core Logic