A block of old flats has sold for more than $10 million, a record figure for Sutherland Shire in Sydney’s south.
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Owners of the six units will each pocket between $1.5 million and $1.8 million.
Agent Daniel Moroko, of Highland Commercial Property, who negotiated the deal, said the vendors included owner occupiers and investors.
“They have done much better through a collective sale,” he said.
“Sold separately, the units may have fetched only $600,000 to $700,000.”
Mr Moroko said the sale price of “a touch over $10 million” had set a new record for development sites in the shire based on the square metre rate.
The site is 586 square metres, and reflects a sales rate of $11,500 per square metre.
Mr Moroko said a shire-based developer had bought the property and was looking at building five luxury apartments, one per level.
”The developer is of the belief quality sites in beachfront locations will work regardless of the current market,” he said.
Figures released by the Australian Bureau of Statistics (ABS) showed residential property prices in Sydney fell 1.9 per cent in the September 2018 quarter.
Chief Economist for the ABS, Bruce Hockman said falls in Sydney and Melbourne were no longer confined to the more expensive properties.
Declines were also being seen in the middle and lower segments of the market.
"Factors including tightening credit availability and falling property prices are weighing on activity from both investors and owner occupiers,” he said.
