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 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.”
3&4 /3 Wallaringa Avenue Kurraba Point
In the last two weeks Dino 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. Dino 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, Dino Gatti sold Res 2/12 Lower Wycombe Road Neutral Bay to New York-based exapts for close to $5 million sight unseen. Dino Gatti has experienced an increase in expat activity enquiry, especially from the United States, Hong Kong and Singapore.
“Expats tend to be stronger buyers as they can capitalise on the exchange rates,” Dino Gatti explains.
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.
5 Plunkett Road Mosman
“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,” Scott Thornton says. “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.”
Jon Snead has also witnessed the two-speed market currently operating on the Lower North Shore of Sydney and the strong buyer demand at the top end of the market. Last Friday, Jon Snead sold 18 Mandalong Road Mosman for approximately $7 million in an off-market deal to local buyers. The vendors had only purchased the property in November last year.
“The premium market is going very well, buyers are still being discerning, but they are keen to look at off-market opportunities and are paying good prices to secure properties,” Jon Snead says.
18 Mandalong Road Mosman
The Agency’s CEO Matt Lahood is very clear we are in unchartered territory and that the current market is unlike anything he has seen in 30 years of real estate.
“The NSW market, and in particular the premium end of the Sydney property market, is transacting unlike anything I have seen. When you look at the prices being achieved at the top end of the market and also the suburb records being broken across Sydney, it illustrates this very strong buyer demand and the floor placed under prices by the limited levels of stock.”
