A month of trophy homes and unusual activity
The overall pace of property growth may have slowed this month but that hasn’t been the feeling on the front lines for Inner Sydney. Plenty of outliers surprised everyone.
It did however, feel like fewer people were fishing for “lottery prices” and everyone in the transaction was looking to be fair. Where they would chase prices a month ago, buyers want to see honest guides and comparable pricing before making their offers.
Amid the unusual and the non-traditional at BresicWhitney, auctions were prevalent and a number of those had their dates brought forward. Some auctions were booked and called on the same day, as buyers kicked into their own bidding wars. More on that here.
We’ve previously said certain standout apartments might make a comeback and this month served up a few examples, with terrace buyers crossing over into this space.
As one buyer told us this week, they were trading up from 80sqm of living space in a house for $2 million, to a 128sqm apartment package for $1.3 million.
Whether anyone is predicting a wider comeback for apartments or not, we’re certainly expecting more of that sentiment. We saw it happen at 3/96 Surrey Street, Darlinghurst where a house-like apartment sold for $2.7 million, and at 607/12 Macleay Street, Potts Point in a 1-bed building record.
Selling for $8.5 million, this apartment at 6/93 Elizabeth Bay Road drew lots of attention too.
And don’t overlook the rise of trophy homes from Annandale to Balmain and beyond. With a few of those going beyond $4 million, view those Inner West trophy homes.
And from the Hunters Hill team, some huge results here.
After our record March, we sold another 85 homes in April.
Our number of registered bidders is playing a huge part in current pricing. There is still an average of 6 people registering at our auctions, with 3 active each time.
Sydney home prices jumped by 2.4% for the month slowing from the March bounce of 3.7%. Nationwide housing values also rose 1.8% in April, down from the 2.8% national gain in March.
Still, economists from ANZ this week said house prices were expected to see a 20% total jump for the year.
Our property management teams are still leasing a high amount of properties, with strong overall attendance and average inspections.