As the Sydney property market heats back up, older homes are becoming more desirable, an auctioneer says.
Homes built between the 1960s and 1990s are making a resurgence in the market, with impressive auction results seen in Sydney, Ray White NSW chief auctioneer Alex Pattaro said.
“With the market really gearing up again, buyers are turning to the older unit market in the search for both value and character,” he said.
“Not only do these older units offer style, but astute investors know there’s real upside in buying and flipping these types of properties.”
In the past week, Mr Pattaro has noticed the results of a few auctions in particular which drew bidders as part of the market resurgence.
The auction of a two-bedroom, one-bathroom unit in Artarmon drew 16 registered bidders, and it sold for $1,002,000. Further away from the CBD, a recently refurbished two-bedroom, one-bathroom unit in Meadowbank sold for $570,000, with eight bidders after the property.
“The market’s going to continue to get better, so if you’re sitting on an older unit and thinking about testing the market with it, there really has been no better time,” Mr Pattaro said.