Local suburbs defy Sydney downturn

Property market shows resilience

PROPERTY buyers in a suburb cluster on the lower north shore have ignored Sydney’s softening market for more than a year, new analysis by a leading Sydney buyers’ agent has revealed.

STRAND Property Group director, Michael Ossitt, said auction clearance rates on the lower north shore had consistently and dramatically outperformed the rest of Sydney.

“The lower north shore has been a star performer, with more homes selling at auction than in any other locality, including the city and east, and the northern beaches,” he said

Suburbs such as Wollstonecraft, Waverton, Crows Nest, Cammeray, Neutral Bay, Cremorne and Mosman were leading the charge in auction success.

“Sydney’s weekly auction clearance rate has tracked between 61.5 per cent and 67.9 per cent since the start of February this year, and there’s no doubt the lower north shore has done most of the heavy lifting, with results of 65.6 per cent to 89.5 per cent during the same period,” he said.

“In fact, our study of lower north shore clearance rates shows it has tracked well above the Sydney result throughout 2018 and 2019 to date.”

The fact that these results have been achieved in a preelection climate has only added to the level of confidence in the market, Mr Ossitt told the Mosman Daily.

“People often sit on their hands until they know what’s happening with an election,” he said.

“But we are still seeing people prepared to get in where they can on the lower north shore, it is definitely a standout.”

Mr Ossitt said a number of factors had kept the lower north shore resilient. One was the “run to quality” often seen in market downturns, when good homes were more affordable.

High-end buyers have in general been able to secure finance, or in many cases were not reliant in finance, particularly for downsizers.

The location of lower north shore suburbs was also insulating them against massive price drops — in fact some suburbs are even seeing moderate growth.

“They’re close to the city, well represented by lifestyle drivers and attractive to middle-ring buyers who were looking to upgrade a year or two back and can now afford to come closer,” he said.

One of the big challenges for the market was low stock, and while levels were rising, they were still not quite keeping pace with the demand in some areas.

These suburbs are in a prime location and offer exceptional housing
Michael Ossitt, STRAND