Lockdown report + home prices up 15% in a year
Two weekends into lockdown, the results BresicWhitney has achieved for owners is now obvious. We haven’t changed much, apart from relying only on our private appointments and one-on-one approach.
With 36 homes sold since restrictions were put in place, this is what we’re known for, and it’s what we do best.
People have been confident moving forward, and qualified buyers have followed along. We’ve held a wide range of online auctions with 100% success rate.
With limited property currently on the market, this period is also creating the right environment for capturing the attention of all buyers.
The financial year is behind us, with CoreLogic data showing Sydney home prices surged 15% in 12 months, bucking early-pandemic worries about steep falls, with ultra-low interest rates and government stimulus triggering a buying frenzy.
“The housing markets are still growing strongly, but the rate of appreciation is now slowing, which is not surprising,” said Tim Lawless, CoreLogic research director.
“Affordability is finally catching up. It’s becoming more challenging for first time buyers and more price sensitive segments in the marketplace.”
BW highlights from the past month:
One of our properties quietly being shown off-market, 1 Tiree Avenue, Hunters Hill, attracted so much attention we held an auction in private. With 15 people inspecting (8 of them introduced by other BW teams), it saw spirited bidding and sold for $4.625 million.
It was different approach that will certainly appeal to owners of other premium homes.
Another premium listing nearby at 16 Avenue Road, Hunters Hill attracted strong bidding for a $5.3 million house.
7 Norfolk Street, Paddington sold for a street record with Emily Davidson and 36 Holdsworth Street, Woollahra sold for $4.71 million. Emily and Michael Kirk also sold 385 Riley Street, Surry Hills for $4.3 million.
99 Glenmore Road, Paddington sold with Maclay Longhurst for $3.6 million, while 95 Adelaide Parade, Woollahra sold at auction with a number of active underbidders. Maclay also sold 136 Hargrave Street, Paddington with Christopher Breedon for $4.8 million.
10 Vincent St, Balmain sold with Andrew Liddell for $4.675 million. It last sold 6 months ago for $4.1 million.
54 Bowman Street, Drummoyne sold with Adrienne Williams introducing the buyer for $4.11 million.
This family home at 13 Creek Street, Balmain sold with Brandon Nguyen.
A prime example of our online auctions, 170 Bridge Road, Glebe saw 8 registrations and 5 active bidders, sold with Nick Playfair for $2 million.
At 36/17 Elizabeth Bay Road Romany Brooks had the property shown just one Friday and Saturday, with 10 buyers inspecting and 7 contracts out, selling by Wednesday for $1.136 million.
30 Lyons Road, Camperdown sold for $1.03 million with Luke Grosvenor and Brad Papaellinas. This was a listing that was on the market for 6 months before BW took over.
More premium sales:
8 Lamb Street, Lilyfield sold with Adrian Oddi for $2.7 million.
11 Cascade Street, Paddington sold with Bryce Bevan introducing the buyer for $3.35 million.
92 Australia Street, Camperdown sold with Taryn Varcoe in the mid-$2 millions.
18 Dalhousie Street, Haberfield sold with Luke Grosvenor.
The rental market
If you remember last winter, landlords at BresicWhitney are in a far different position this year. At its worst peak, the COVID market had us managing a 7% vacancy rate for our rental homes. Today that figure has reduced to 1%, giving our owners some relief.
It’s happened because of investors cashing out in the recent up cycle, and those homes selling to owner occupiers, rather than other investors. Another factor is people returning from overseas to fill their own homes, previously a part of the city’s rental supply.
With a similar approach to the sales team, all our rental inspections are being done in private, with video tours and virtual inspections a huge part of recent weeks.
Everything is still moving. And together we’ll get through this period once more.