Knockdown earns knockout price for Rockdale family

Media release - 15 April 2014

  • Rockdale knockdown sells for almost $950,000
  • The auction on April 12 attracted 33 bidders, after 50 contracts were requested by interested parties
  • The Rockdale market is hot, with prices up 8 percent since Christmas, although the numbers of houses for sale are down 10 percent since the start of 2014.

Underlining the strength of the St George real estate market, an original four bedroom Rockdale house sold at auction last weekend for $945,000, according to selling agent, George Kambouroglou, Principal of Raine & Horne Rockdale.

The home at 48 George Street Rockdale was a deceased estate sale and had been in the hands of its former owner for over 70 years.

“There were 33 bidders battling for the prize and adding to the selling hype, more than 100 interested spectators attended the onsite auction on Saturday 12 April,” said Mr Kambouroglou.

According to Mr Kambouroglou 142 groups inspected the property in the four weeks preceding the auction, with 50 contracts requested by interested parties, which included investors, owner-occupiers and renovators.

“The 475 sqm property is superbly located within an easy walk of Rockdale Plaza, the cosmopolitan cafes of Rockdale, plus it’s close to excellent bus and train services, local schools and parks,” said Mr Kambouroglou.

“The property’s superb location ticked many boxes for investors, renovators with a vision to bring the home into the 21st Century, as well as owner-occupiers who recognised the value of the land and regarded the existing house purely as a knockdown.

“In the end the property sold to a family who will knock down the existing house and have plans to build their own dream home.”

Mr Kambouroglou attributes the healthy sale price to a shortage of houses for sale in Rockdale along with the helping hand of historic low interest rates.

“The number of houses for sale in Rockdale is down by 10 percent since Christmas 2013, while buyer and investor enquiries are up 30 percent,” said Mr Kambouroglou.

“Virtually every house that hits the market attracts a minimum of 60 interested parties and combined with the lack of quality housing stock available for sale in Rockdale, house values are up at least 8 percent since the start of the year.

“The message is simple, if you’re thinking of selling a quality, well-located house in Rockdale and surrounding suburbs, you’ll probably be pleasantly surprise by what the market is prepared to pay,” said Mr Kambouroglou.

 

–ENDS–

For further media information contact:

George Kambouroglou, Principal, Raine & Horne Rockdale on 0422 421 111

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400