What Does The Federal Election Mean For The Market?

12 Apr 2019

The Prime Minister Scott Morrison announced yesterday that the federal election would be held on Saturday 18th May. Following the election, there will only be five weekends of auctions before the major mid-year holiday in July. What does this mean for the Eastern Suburbs market? Partner Alexander Phillips says, “With the uncertainty looming over the federal election now finally behind us, and a high chance of an interest rate cut, we feel that late May and early June will be a stronger selling season than what we initially thought.’

If you feel like you’d like to get a taste for the auction process, we’ve got a couple of strong contenders for you to watch go under the hammer tomorrow. First up is 48 Arden Street, Clovelly, which will be auctioned on site tomorrow at 9.00am. Set on over 500sqm, Ardenvale is a beautifully renovated five-bedroom Victorian manor with a pool, studio retreat and double parking. Alexander Phillips says, “We’ve had over 130 groups through the property since it was launched on the market and have four registered buyers who are very keen on the property. It really is an exceptional home and should make for an excellent auction with bidding starting at $4m.”

The first time offered for sale in 40 years, 100 Great Buckingham Street, Redfern is scheduled to go under the hammer at 9.45am tomorrow. With 11 contracts issued and five bidders expected on the day, the Italianate style two-storey terrace presents a prime opportunity for renovation on Redfern’s best street with rear access via Castlereagh Lane.