Spring auctions heat up in Sydney
The spring auction season is panning out to be a lucrative one for the Sydney residential property market, as consumer sentiment continues to grow for the second weekend in a row.
The multimillion-dollar redevelopment of Swiss Grand Hotel in Bondi attracted significant interest among bidders, with just two apartments out of 76 remaining unsold.
Due for completion in 2015, the $440 million hotel development will comprise 95 apartments, a health club, commercial retail property and hotel.
High end bidders showed their interest in the property hotspot of Bondi, with five of the building's 19 penthouses selling under the hammer, fetching prices of up to $10.5 million.
Justin Brown, chairman of off-the-plan marketers CBRE, said a $15 million penthouse was expected to sell this week - setting a new benchmark in Bondi's real estate market.
"It will break the Bondi record for in excess of $50,000 per square metre," Mr Brown said, Fairfax Media reported.
With growing confidence in the Sydney housing market and a bumper start to the spring auction season, home buyers may be drawn to the New South Wales capital as a healthy property investment option.
Australian Property Monitors senior economist Andrew Wilson said Sydney's high-end property market was attracting interest, with a seven-bedroom home in Woollahra fetching more than $6 million last week.
"I wouldn't be calling anything at the moment but certainly the positives are outweighing the negatives in terms of the top end," Mr Wilson explained.
Sydney auction sales totalled $164 million for the entire weekend.