A Bondi agency has sold three homes in the same street in one week – a situation the sales agent describes as “unheralded” in his 30 years operating in the exclusive eastern suburb’s property market.
Raine & Horne Double Bay/Bondi Beach Principal, Ric Serrao, who sold the three properties in conjunction with his colleague Mark Yeats, said the three classic semi-detached houses in Midelton Avenue, North Bondi, sold last week for prices ranging from $2.125 – $3.24 million.
A stylish five-bedroom home with three bathrooms at number 6 sold to an owner-occupier for $2.870 million, and a brand-new house at number 5 changed hands for $3.24 million. A third three-bedroom with plenty of potential at number 20 sold for $2.175 million to a renovator.
Mr Serrao said the triplicate sales are part of a perfect storm for vendors.
“We’ve been working hard with our buyers, but there is pent-up buyer demand,” he said.
“The fear of political instability earlier in the year forced many buyers to keep their powder dry. The subsequent election result and the decision to keep the political status quo in place encouraged buyers to return to the marketplace.
“However, there aren’t enough listings to go around – a situation that is contributing to unique outcomes such as three properties in one street selling in a single week.”
For example, stock levels are down in North Bondi by more than 60 per cent compared to the start of spring last year and by 70 per cent when assessed against early September 2017.
On the flip side, Mr Yeats said there are more buyers than in previous years.
Midelton Avenue’s ‘cracking location’ close to North Bondi’s cafes is another factor that has contributed to this stunning trifecta of sales, according to Mr Yeats.
He said the sweet spot for semis in the Bondi region appears to be under $3 million.
“When you venture above $3 million, buyers are thinner on the ground and want properties with a point of difference,” Mr Yeats said.
“To illustrate, Ric and I sold a brand new, bigger semi 78 Gilgandra Road, North Bondi for $3.7 million. This property had all the mod cons, while it’s nestled in a tightly-held cul-de-sac and directly benefits from an elevated position that grants delightful district views.”
Regardless of whether a property is worth $3 million or more, Mr Yeats said buyers recognise North Bondi as one of Sydney’s most prestigious suburbs.
“Buyers who are in this region for the long-haul understand they’ll earn decent long-term capital returns,” he explained.
“Looking ahead to spring, we are expecting reasonable prices due to the lack of stock compared to previous years.
“That said, with spring a big time to list, this stock shortage could change quickly. So, if you’re thinking of selling in Bondi, North Bondi, and surrounding suburbs, get your skates on now and list before buyers have more choice.”
