The houses just 100 metres apart, but $200,000 different in value: Why two similar Sydney homes sold for wildly different prices
- Two similar houses just streets away have sold for a vast difference of $200,000
- Experts have said buyers and renters could get a bargain in the current market
- First house sold before coronavirus restrictions were enforced and second after
- Here’s how to help people impacted by Covid-19
Two incredibly similar homes that are just 100 metres apart have sold for a $200,000 difference in value.
Both houses are three-bedroom brick properties in the western Sydney suburb of Strathfield and sold within a month of each other.
However real estate agents have revealed that because of the coronavirus lockdown one property sold for much more than the other.
The first property is on Cotswold Road in Strathfield and was sold by Belle Property for $2.91 million on March 21
The second house, 100 metres away on Hunter Street, was sold for $200,000 less on April 18 by Devine Real Estate and actually has 169 square metres more land
The first property is on Cotswold Road in Strathfield and was sold by Belle Property for $2.91 million on March 21.
This house had the benefit of open inspections and an on-site auction because this was just before lockdown restrictions were brought in.
The second house, 100 metres away on Hunter Street, was sold for $200,000 less on April 18 by Devine Real Estate and actually has 169 square metres more land.
Principal at Belle Property Strathfield, Simon Funari, said COVID-19 restrictions had removed competition in the housing market as people could not turn up to inspections and auctions.
‘The online auctions take away from the competitive environment,’ Mr Funari told the ABC.
Though he added that as the government begins revealing outlines for easing restrictions the market is slowly responding.
‘We’re seeing a return of buyer confidence, particularly as children go back to school and a sense of normality begins to return,’ he said.
Devine Real Estate’s Andrew Kazzi agreed if the auction had of been in person rather than online the house would probably have sold for more.
From Saturday on-site inspections and auctions can resume for the real estate industry – lifting some of the uncertainty that left the market at a standstill at the end of March.
The block of land with the house on Cotswold Road that sold for $2.91 million
The block of land with the Hunter Street house was actually slightly bigger but sold for less
Experts have suggested house prices would be up to 15 per cent less in the next year-and-half as the market recovers.
The rental market has also received a hit with the number of international students plummeting because of travel bans.
Elders Real Estate’s Jim Triantos said he had signed more than 12 year long leases with tenants since restrictions began for a huge discount of 25 per cent off the rent.
‘Some of these apartments which were going for $800 were being [leased] for $600 a week,’ he said.
While those looking to sell or lease properties were in for a difficult 12 months in the second half of 2020 and first half of 2021, those looking to buy or rent could get a bargain.
Experts say that for those looking to upsize their rental apartment or were looking to purchase a house, they could take advantage of the current slow market.
Experts say that for those looking to upsize their rental apartment or were looking to purchase a house, they could take advantage of the current slow market