Shared from the 4/25/2019 Mosman Daily eEdition

Buyers are loving the north shore

Suburbs shrug off price falls as confidence stays strong

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There were plenty of buyers keen on 86 Blues Point Rd, McMahons Point (above and below), and it sold prior to auction for an undisclosed price, reportedly for more than its $3.5 million auction guide.

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This three-bedroom townhouse at 4/24 Harriette St, Neutral Bay, sold in three days for $1,650,000.

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The Art Deco building at 8 Waruda St, Kirribilli was popular with buyers.

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The spacious one-bedder at 5/8 Waruda St, Kirribilli, sold for $730,000.

The lower north shore was singled out last week by one of Sydney’s leading property buyers’ agents, as one of the city’s most resilient markets.

STRAND Property Group director, Michael Ossitt, said auction clearance rates on the lower north shore had consistently and dramatically outperformed the rest of Sydney (see p4 of today’s Mosman Daily).

“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

But it’s not just auction clearance rates that tell the story. Agents continue to report strong numbers at open houses, and are issuing plenty of contracts to hungry buyers.

This week there was more than one property that sold within less than a week of coming onto the market.

And the latest CoreLogic Market Trends report supports this, with seven suburbs recording positive growth.

Generally, Sydney property prices have declined by almost 11 per cent since the downturn started about 18 months ago.

While the lower north shore has not been immune from price declines in some suburbs, there has been plenty of good news as well.

Unit prices In McMahons Point, grew by 7.6 per cent in the 12 months to January; and in Crows Nest by 3.9 per cent.

House prices in Cremorne grew by 14.6 per cent; in Waverton by 20 per cent; in Neutral Bay by 17.2 per cent; in Wollstonecraft by 14.8 per cent; and in Cremorne by 8.1 per cent.

In fact, if Cremorne, which has a median house price of $2,999,000, continues on this trajectory, it won’t be long before it joins the $3 million club.

The key to a quick sale

According to CoreLogic, it takes on average, 58 days to sell a property on the lower north shore at the moment.

But in recent weeks, agents have been reporting faster sales, without the need for discounting.

The lower north shore is a very resilient market
— it’s a market where people want to be

The key was getting the price right from the start, said Annika Bongiorno, of Stone McMahons Point, who sold 86 Blues Point Rd, McMahons Point in 36 days for an undisclosed price, prior to auction.

She confirmed it had sold for more than the $3.5 million auction guide.

“Homes priced sensibly are still achieving good results,” Ms Bongiorno said.

The property has a cottage garden that featured in Home Beautiful magazine in 2016, and won North Sydney Council’s Most Beautiful Garden Award in 2015.

Gone in just 72 hours

Three days was all it took to find a buyer for a rare threebedroom townhouse in Neutral Bay.

Downsizers were quick to pounce on the home at 4/24 Harriette St, taking it off the market for $1,650,000.

Lorinda Mansfield, of Raine & Horne Neutral Bay, said the property had been meticulously maintained, but it was dated.

The sale was one of six made by her office last week.

“The lower north shore is a very resilient market — it’s a market where people want to be,” she said.

Interestingly, the sale was finalised two years and one day townhouse No. 5 in the same complex sold for $1,670,000, according to CoreLogic.

“The fact that we got $1.65 million in this market is great — it’s up there with the 2016 price,” Ms Mansfield said

And another quickie

It might have taken twice as long, but six days from listing to sale was still an amazing result for a one-bedroom Art Deco apartment with no parking in Kirribilli.

The stylish apartment at 5/8 Waruda St, had 50 groups inspect it over just two opens, said Gareth Richards, of McGrath Lower North Shore — Neutral Bay.

He said the lack of parking was not an issue for buyers, and it sold within six days for $730,000.

He said there was a definite shift in buyer sentiment.

“I think the worst is over, people want to buy,” he said.

The apartment is a blend of modern updates and vintage details, and is located 100m from Beulah Street ferries close to the train station, buses and cafes.

There are 11 apartments in the boutique block. The three-bedroom penthouse is due to go to auction this Saturday, through Belle Property Neutral Bay.

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