There is little doubt we are in unchartered waters when it comes to the current property market performance and the Covid-19 pandemic.
Currently, the Lower North Shore of Sydney is experiencing a surge in premium sales; it is not only strong, but firing. The Agency’s local team has achieved over $42 million worth of sales, across seven transactions in just two weeks.
Dino Gatti has sold three properties, two in Kurraba Point and one in Neutral Bay, totalling approximately $17 million worth of sales.
Scott Thornton transacted three Mosman properties, totalling close to $19 million and Jon Snead sold a Mosman home, last Friday, for approximately $7 million.
“The top end of the market is seeing value in the limited number of properties available, buyers are not questioning prices at the moment,” Dino Gatti says.
“The general feedback I am getting from buyers is that the premium market is only going to continue to go up and so the smart buyers are getting in now as they can.
“It is very much a two-speed market, anything above $4 million on the Lower North Shore of Sydney is experiencing very strong demand.
“To sell around $17 million worth of property, in two weeks, and within 100 metres of each other, is quite unusual.”
In the last two weeks Mr Gatti sold 3 & 4/3 Wallaringa Avenue, Kurraba Point for over $7 million to purchasers already living within the same complex, the ‘Wallaringa Manions’.
The owners of 10/3 Wallaringa Avenue were looking to upsize and so purchased the more spacious 3 & 4/3 Wallaringa Avenue upstairs.
Mr Gatti then quickly sold number 10/3 Wallaringa Avenue in an off-market deal through his database, for close to $5 million.
In addition to these transactions, last Thursday, Mr Gatti sold Res 2/12 Lower Wycombe Road, Neutral Bay to New York-based expats for close to $5 million sight unseen.
Mr Gatti has experienced an increase in expat activity inquiry, especially from the United States, Hong Kong, and Singapore.
“Expats tend to be stronger buyers as they can capitalise on the exchange rates,” Mr Gatti explained.
Scott Thornton has also seen an increase in expat activity across the Lower North Shore market from the same locations and agrees the demand for premium property is soaring, not just in Mosman, but across the entire Lower North Shore market.
Along with selling two family homes in Mosman for approximately $4 million each, he sold 5 Plunkett Road, Mosman in just one week of being on the market, in proximity to its price guide of $10.5 million.
“I was not surprised by the high level of interest in this classic Luigi Rosselli designed home, it is a stunning property with panoramic views of Balmoral Beach, but the overall demand for prestige property is significant,” Mr Thornton said.
“My impression is people are viewing property as a stable investment at this time of uncertainty, particularly at the premium end of the market. We are also seeing the cost of finance at record lows.”
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