In the middle of what many people are calling a lacklustre market, the director of The Rubinstein Group at Ray White Double Bay has just sold almost $40M worth of property across eight luxury homes in Sydney’s affluent eastern suburbs in 14 days.
“March has started off really positive given the negative media commentary of late,” said Mr Rubinstein.
“Although some may be seeing effects of a changing market my team and I are outworking the decline to ensure we give our clients the best opportunity to maximise their price.”
Last week, Mr Rubinstein sold five of the eight properties that Ray White Double Bay put up for sale with a total value cost of $24M.
He was assisted by his partner from The Rubinstein Group, Cae Thomas, on two of the five sales.
“Across these five lots we had over 250 groups through the property campaigns, and on the day we had multiple bidders on each. It was great to see competitive tension,” Mr Rubinstein said.
“We are clearly bucking the general market trend and I put that down to two things. Firstly, trusting and backing our processes, and secondly, doubling the effort and energy we put into that process.”
Mr Rubinstein admitted the hottest contest was battled out for 12 Cambridge Ave, Vaucluse, which ended up selling for $6.225M, some $700,000 over its reserve, with seven people registered all in the hunt.
Following this, he quickly jumped to the sale of the penthouse at 6/7-9 Conway Ave, along with Cae Thomas, for $8.86M. This price has now broken the record for the most expensive unit sold in Rose Bay.
Rounding on a high, Mr Rubinstein also sold 9 Milton Ave, Woollahra, which sold for $3.9M – some $300K above the reserve – which he noted were unusual results for a supposedly down-trending market.
“When vendors are realistic about their expectations, trust the process and buyers see the value, this is when a premium result is achieved,“ said Mr Rubinstein.
“Interest from local buyers and the shortage of quality properties is still underpinning the market, and like I have said many times before, there is so only so much land in the Eastern suburbs. They aren’t making any more!”