Market Update 16/03/2017
With Easter less than a month away this year has literally flown by.
So much so that I missed a bit of a milestone in my selling career.
I realised this week that I actually sold my very first property 20 years ago. It was actually 20th February 1997 to be exact when 3 Jesmond Avenue Dulwich Hill fetched the princely sum of $257,000. A totally unrenovated freestanding three bedroom full brick home with car space on 402 square metres it would be worth over five times that today.
I remember making the sign with a timber frame we put together on the nature strip out the front with a corflute board and hammering it into the front garden with my trusty mallet. The Internet was still a mythical thing to be doubted and feared so the major source of enquiry was word of mouth, a photo of the property in our shop window and a weekly six line black and white abbreviated classified ad in the Sydney Morning Herald, which I would dictate to a lady over the phone just before the Thursday 10pm deadline.
Buyers would wake up at the crack of dawn on Saturday morning to pour over the property section before piling into the car and making the regular pilgrimage to open for inspections. An out of area buyer back then was someone living in Newtown and the Inner West was an unknown last bastion to those in the Inner City, Eastern suburbs and North shore.
John Howard had served his first year as Prime Minister, Bob Carr his second as Premier of New South Wales, Pauline Hanson was just about to form her One Nation Party and Sydney was gearing up for the Olympics in just over three years time. The M5 motorway had opened three years earlier and Sydney's last real significant infrastructure project the M7 west link was still a staggering 8 years away.
And last Saturday I sold a property at 13 Smith Avenue Hurlstone Park for $1,990,000 which my father, Peter Dendrinos had sold to the original family just over forty years ago in December 1976 for $33,500. That's almost sixty times its value which just illustrates further the growth of Sydney property across the decades.
This Saturday we have two more fantastic homes going under the hammer which include:
- 3PM: 19/19 Pile Street Marrickville: 2 B/R 1st floor security unit + parking & storeroom
- 4PM: 79 Victoria Road Marrickville: 3 B/R unrenovated Two storey Terrace + parking
Both are open for a final inspection fifteen minutes prior and you are all most welcome to attend. If you are unable to but still interested in watching the Auction by live stream simply go to our Facebook page through this link:
That's it from me. Have a great weekend and I'll see you next Thursday.