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“The good properties and the good locations are still doing well,” he said. “Up to $2.5 million will still do well but properties above that might struggle. There is still a lot of demand.”
Construction of Burwood North Metro station is under way and expected to be completed in the next five or six years while a new shopping precinct, Burwood Place is also planned.
But it is the existing amenities including its proximity to public and private schools and reputation as a destination for food lovers that are drawing buyers now. Last year, it ranked 16 in Time Out’s annual list of world’s coolest suburbs.
In Randwick, a pair of brothers snapped up a two-bedroom apartment with garage at 5/25 Cowper Street, winning the property for $1.28 million, which was the same as the reserve.
The guide was $1,175,000 and there were four registered bidders, three active.
Bidding opened at $1,175,000, with increments initially at $25,000 and then slowing to $10,000.
Ray White Eastern Beaches agent Nick Wiggan said while the light-filled corner apartment in a small block of six generated interest, it was the off-street parking that won over bidders.
“It’s in a really good top floor spot open from three sides, really nice and bright and rear lane access with a garage,” he said. “Garaging is becoming more important in the apartment market.”
