A private investor won a hotly contested auction at Fairfield as a block of 12 residential units sold for $3,910,000 at 30 Railway Parade. It has a total land area of 1252 square metres and has 12 two-bedroom units and has a potential gross income of $200,408 per annum. It was marketed and sold by Ray White Commercial NSW Western Sydney associate director Victor Sheu, managing director Peter Vines and director Joseph Assaf, with Stanton Hillier Parker.
Mr Sheu said: "We had interest from Sydney investors, Asian investors, unit traders and local high-net-worth investors from Fairfield and Cabramatta, with nine registered bidders. Ten units were occupied. Bidding started at $3,000,000."
Mr Vines said Fairfield attracted a lot of local owners: "The locals like to stay in their area and a few bidders in attendance were from the region, but what attracted the number of bidders was the investment nature of the property. With the lack of investment opportunities in the market, buyers are eagerly looking for more opportunities where there's an existing income and a flexible exit strategy. The market for blocks of units have always performed well amongst private investors due to its low-risk nature."
Mr Assaf said Fairfield also grasped a lot of Asian attention due to its proximity to Cabramatta: "It benefits from its close proximity to both Parramatta and Liverpool CBD, which are both booming and looking to increase employment where housing will be required."