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Luxury sales confirm confidence in Sydney’s property market

The Agency’s Sydney operation has shrugged off forecasts of an imminent housing slump, turning over three $10 million-plus sales in the past seven days.

The recent transactions occurred on the Lower North Shore, Inner West and Inner East of Sydney and come off the back of a further three $10 million-plus sales transacted across the last seven days of last month by Ben Collier.

“The fact many of these sales have occurred on properties that were both on the market pre-Covid-19 and properties that came onto the market during the pandemic, shows prestige buyers have been staunch in their appetite for quality property,” The Agency’s National Head of Sales, Thomas McGlynn, said.

“Seeing these significant sales transact over the last four weeks confirms the Sydney property market remains robust throughout this period.

“This is further illustrated by the clearance rates over the last few weeks that have consistently sat around 70 per cent.”

In the last seven days Michael Laing and Tony Laing sold ‘Melton’ in Drummoyne, which was on the market for $12 million and listed prior to Covid-19.

David Rothschild sold a harbourside home in Seaforth, which was on the market for $12.95 million and was listed pre-Covid-19.

These two major transactions were rounded out by the off-market sale of an Inner East development site by Steven Chen and Matt Lahood for more than $12 million.

“The developer who purchased the Inner City site was looking to fill their pipeline and is working to launch the project in the last quarter of 2020,” The Agency’s Head of Projects, Steven Chen, explained.

“While the current sentiment is one of caution, limited stock and land availability is seeing developers look to off-market transactions to keep their pipeline flowing.

“We have also seen an increase in developers looking to enter into joint venture opportunities with land owners and existing developers who are finding funding an issue.”

Mr Chen further noted the market for completed stock on new projects had been strong, as reflected in the sales of their recent project listing Casa Residences ll, which consisted of 94 apartments with 25 remaining units recently completed.

“We have had this project on the market for the last 10 days exclusively and we have transacted four properties in excess of $4 million,” Mr Chen said. 

“Buyers are more confident to look at the finished stock than off the plan. We have seen a strong surge in local interest within this precinct.”

When you combine the strong auction clearance rates, significant luxury transactions and high rates of buyer inquiry on new projects and existing homes, it is clear confidence is continuing to build in the Sydney property market.

“To think that more than $60 million worth of prestige property has sold across six sales in Sydney, in just the last four weeks, shows an upward trend,” The Agency’s CEO, Matt Lahood, said.

“Especially when you consider a number of these sales have come close to, or broken, suburb records.”

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