Agents have reported some strong sales in Sydney’s east, defying the general property market angst.
Among the highlights, a five-bedroom home at 5 Kings Rd Vaucluse selling for $4.6 million through BradfieldCleary principal Georgia Cleary in just five days.
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She’d been quoting $4.2 million.
“Quality homes are still selling for good prices and we’re finding if vendors have realistic expectations there are still plenty of buyers,” Ms Cleary told the Wentworth Courier.
Richardson and Wrench Bondi Junction agents Courtney and Stephen Antico sold a three-bedder at 8/4 Illuka St Rose Bay in 24 hours for above the $1.35 million guide.
“Buyers seem more confident this year,” Mr Antico said.
REA chief economist Nerida Conisbee said inner-east home values had risen slightly over the three months to January.
Alexander Ma, the 29-year-old member of the prominent Hong Kong media family who previously owned in Dover Heights and last year bought two waterfront properties for $56 million, was enthusiastic about the prospects of prestige property in the east.
“Just like London, Hong Kong and New York City, Sydney has consistently had great growth — especially in the eastern suburbs,” said Mr Ma, whose family also owns residential properties in Watsons Bay and Rose Bay.
“There’s no new plots of land coming up in the east especially on the harbour foreshore so it’s a no-brainer to invest in these sorts of areas.”
Mr Ma has put the Vaucluse Rd home that he bought for $26.5 million in 2017 up for March 18 auction with expectations it will sell for at least $30 million.
Mr Ma points to the $20 million sale of the Point Piper penthouse of property developer Phillip George and his wife, Janet, last August and blockbuster sales like the $100 million purchase of Fairwater last year by Atlassian’s Mike Cannon-Brookes as evidence of the buoyancy of the prestige market.