This week I would like to quote an article written by Patricia Farrell in The North Shore Times this week, which I thought was very interesting for those of you looking to purchase an investment property... enjoy!
INVESTORS were out in force on the North Shore on Saturday as Sydney's plummeting rental vacancy rate hit 2.1 per cent its lowest point in five years.
Two deceased estates were snapped up at auction by buyers looking for solid returns in an ever-tightening rental market.
And of three apartments sold under the hammer by McGrath's David Howe, two were bought by investors.
McGrath Estate Agents is reporting a 150 per cent increase in the number of buyer inquiries for units on the mid to upper North Shore.
Real Estate Insitute of NSW figures released last week show the vacancy rate has fallen 1.3 points since February 2004 and 1.8 points since February 2003.
The first deceased estate a 1912 duplex featuring two two-bedroom apartments at 12 Woolcott St, Waverton sold for $1.725 million.
Richardson & Wrench Hunters Hill principal Toni Alexander said the unrenovated property had attracted huge interest throughout its marketing campaign with more than 18 registered bidders and 40 contracts issued.
The second deceased estate a two-bedroom apartment in a grand old character house at 2/46 Shirley Rd, Wollstonecraft sold for $720,000.
Morton & Morton's Nick Frankel said while the property had been inspected by nearly 160 groups, the final bidding battle was waged between just two bidders.
``The buyers aim to renovate and lease it . . . it will be back on the rental market within a few weeks,' he said.
Peter Kelaher is the director of PK Property Search & Negotiators, Sydney's first, largest and most experienced buyers' agent. This company will search, bid at auction and negotiate property for buyers that don't have the time or experience to do so. For free independent advice call (02) 9904 3444 or visit
www.pkproperty.com.au
