Traditionally the week before Christmas is a quiet time for commercial property sales but for at least one Illawarra agent, business was strong with three commercial sites sold within a few days of each other.
Among the sales was 65 Smith Street, Wollongong, a 25 room boarding house with attached cottage which sold at auction for just over $3 million. Travis Machan from MMJ Wollongong,Commercial said in spite of competitive interest from Sydney and interstate buyers, the property was sold to a local investor.
A property at 241 Princes Hwy, Bulli sold for $2.55 prior to auction, in the same week. Leased for nearly eight years to Liquorland, the property was bought by a Sydney investor. “The price reflects a net yield of around 6.3% which is similar to the results being seen across the greater Sydney area,” he said.
A vacant 1.477 hectare parcel of industrial land at 253 Nolan Street, Unanderra was sold in the same week to a Sydney buyer for $1.5 million.
Fairy Meadow beachside home
A two-bedroom cottage for sale in Fairy Meadow provides a rare opportunity to secure a property close to the beach in the popular suburb. Located at 10 Storey Street, the neat home is on a level 525 square metre block just 200 metres from Fairy Meadow beach. The home is ideally positioned close to Fairy Meadow Railway Station, local schools, Thomas Dalton Park, UOW’s Innovation campus, bus stops, bike track and shops as well as being near Wollongong’s CBD.
Ray White Fairy Meadow principal Danny Mojanovski said homes on the eastern side of Fairy Meadow did not come up for sale very often with the property presenting a rare opportunity to purchase a “beach cottage”. The price guide for the home is $600,000 to $640,000. It is open for inspection on Saturday from 12.30pm to 1pm.
New property laws designed to stop real estate agents understating the estimated selling price of a property came into effect on January 1. Under the NSW reforms, agents can no longer use ads containing phrases “offers above” or “offers over” and must provide a reasonable selling price estimate. If agents do include a price guide for a property, it must fall within 10 per cent of the lower and upper end. Agents must revise their advertised estimated selling price if they receive market feedback that alters their assessment. Online advertising must be updated straight away and print ad amendments, as soon as possible.