Auction flurry: keen prices for the cashed-up

But agents say the players with available cash will be able to get some good properties at extremely attractive prices.

Already a number of private property developers and investors have been quietly buying up small buildings in the CBD and fringe areas and are likely to continue.

The investors say the unlisted property trust market remains buoyant as cash is more available from high net-worth clients who prefer the smaller end of the property sector rather than the listed property trust businesses.

One site being offered is a commercial building in Redfern by CB Richard Ellis on behalf of Peter Holmes a Court, the executive chairman of the South Sydney Rabbitohs.

The two-storey commercial/industrial property has a net lettable area of about 1570 square metres and is located on the southern side of Redfern Street between George and Pitt Streets.

An associate director of CBRE, Daniel O'Brien, said he expected the property would be highly sought after by developers.

"It's a quality property in a tightly held market where little has been offered in the past 24 months. There is considerable activity in Redfern at present, with Redfern Park and the South Sydney Rabbitohs' training centre being redeveloped and Redfern Street in the process of being upgraded."

Another significant boost for the area will be the $123 million media hub being developed at the Australian Technology Park, which is already home to Pacific Magazines and Channel Seven. This is expected to bring in up to 2000 permanent jobs and increase business in the area, indicating a growing confidence in Redfern's future, Mr O'Brien said.

"This is a landmark project for Redfern, and we expect a growing number of companies will look to leverage off the back of this and other new developments in the area."

The public auction for 107 Redfern Street will be held on Thursday, May 29. The auction will be co-ordinated by Mr O'Brien and Stuart Rodriguez, also of CBRE