A ray of hope for home buyers in the prestigious suburbs of the Lower North Shore
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Low stock has been the pet peeve of many home buyers on Sydney’s Lower North Shore this year. But the signs suggest relief is in sight.
Low stock has been the bane of many buyers looking for a home on the Lower North Shore this year.
And the latest announcements on realestate.com.au show that spring has brought little relief so far. Of the 303 properties listed on the site Monday this week, only 68 were homes.
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But agents report that easing Covid lockdown restrictions have encouraged more sellers to break their waiting pattern.
And while the market won’t be inundated with new real estate listings anytime soon, the next few weeks should see conditions improve.
David Smeallie, from Belle Property Mosman, says there is a definite shift in sentiment regarding the listing of properties for sale.
And he says there has been a slight uptick in listings since early spring – but homes in particular were selling very quickly. It added to the confidence.
âOnce they (the sellers) see more stock, they are more confident in putting their property on the market,â he says. “There are definitely more stocks coming into the market, but not enough to flood the market.”
Mr. Smeallie and colleague Tim foote last week sold 3 Euryalus St, Mosman for $ 5.41 million. This was their first on-site auction since the lockdown restrictions ended.
The sale was the most reported result of the week. Mr Smeallie says two bidders fought over the property, with a family from the Haute-Rive-Nord securing the keys.
The 568 square meter home had a lot to offer buyers, including a 180 degree view of Quakers Hat Bay and the Spit. The property is also close to the foreshore of Mosman, Balmoral and Quakers Bay, and approximately 700 m from the Spit Road bus stop.
The one-story, double-brick home has been remodeled with a Hamptons theme and industrial style, and also has an approved DA for major renovations to further increase the size of the home.
SALE IN THE SUN
It took just 16 days to find a buyer for a classic Federation-style home in Mosman, beloved by its owners for many years.
No. 29 Spencer Rd entered the market with Bernard ryan and Geoff smith, from the Ray White Lower North Shore Group, with a $ 6 million guide that quickly increased to $ 6.5 due to the level of interest and feedback from buyers.
Seven serious buyers were chasing the home, known as Sunnyside, which underwent a renovation about five years ago.
The renovation retained the classic features of the house, such as the high ceilings and lead-light windows, and added modern updates like a Calacatta marble island bench with dramatic Danish pendant lights, a guardrail. walk-in dining and custom stainless steel worktops that extend from the internal kitchen to the outdoor kitchen.
Mr Ryan did not want to disclose the sale price due to a confidentiality clause in the contract, but said it was a great result, especially since the property has parking space open and without swimming pool.
Industry sources have revealed that the sale is a new record for the street. This record was set with the sale of 7 Spencer Rd in 2018 for $ 5.15 million. Mr Ryan says there is a definite buzz in the air for buyers and sellers now that foreclosure restrictions have ended.
âWe’re seeing a slight increase in the housing supply, and I think this year will be a repeat of last year – busy until Christmas,â he says.
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Originally published under the title Ray of Hope for Home Buyers in Prestigious Lower North Shore Suburbs
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