belle wollstonecraft

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A WORD
FROM
TOM
The second half of 2016 has exceeded all expectations
(including my own) in the Waverton and Wollstonecraft
property market. Clearance rates averaged an
astounding 85%, clearly indicating how resilient and
irrepressible this market is.The number of sales declined
in Waverton (from an already low base) but remained
steady in Wollstonecraft when compared to the first half
of the year.The median price in Wollstonecraft rose
by a solid 20%, whilst it remained around the same
level in Waverton at just under $1,200,000.
The reasons for this buoyant market are familiar;
critically low stock levels and consistently strong
demand from all corners of the market. Property owners
that have been thinking of selling are afraid to take the
plunge due to debilitating moving costs and a lack
of properties to buy – a classic chicken/egg scenario.
And buyers seem to have a huge appetite for local
property right now because of record low interest
rates, volatility in the stock market and uncertainty
in interstate/overseas markets.
Our buyers in this sector of the year were a combination
of investors, upsizers, first home buyers and a few
downsizers. Interestingly the vast majority of these
buyers hailed from the North Shore of Sydney.This has
bucked the trend in recent months/years where the
origin of our buyers has been quite varied.The majority
of our sellers were predominantly upsizers looking to
stay on the North Shore, interspersed with a handful
of investors looking to fund other also
sold several deceased estates.
There were several noteworthy sales in these past few
months. In particular, 12/70 Bay Road,Waverton, a
renovated one bedroom apartment which sold for a
new suburb record at $863,000 and 5/26 Crows Nest
Road,Waverton, a large two bedroom, one bathroom
1960’s apartment with original kitchen and bathroom
achieved $1,350,000 at auction – a new suburb record
for a property of its also sold 12/108 Shirley
Road,Wollstonecraft, a well-presented two bedroom
apartment which achieved a whopping $1,310,000
(just shy of the suburb record).The final sale worthy
of mention was 2/37 Morton Street,Wollstonecraft,
a partially renovated three bedroom apartment in
a Mirvac building which sold for $1,492,000.All these
results were achieved at auction which demonstrates
the effectiveness of the process and why we believe
an auction is the best way to sell your property.
With clearance rates incredibly hovering around 90%
approaching year end, I see no change to the tone
of the market in the first quarter of 2017, especially
given the record low interest rate climate and tight
stock levels. Buyers seem to return from the Christmas
holidays with renewed vigour and resolutions to buy
properties, this coupled with the attractions of Waverton
Village, Brennan Park, Balls Head, Berry Island Reserve
and Crows Nest Village, is the perfect recipe for further
property price growth in Waverton and Wollstonecraft.
Tom Scarpignato | Waverton & Wollstonecraft Specialist
0416 161 738 |
Belle Property Neutral Bay, 1 Young Street, Neutral Bay
9036 1000 | |
Tom Scarpignato
Sales Executive