No. 12 Tunks St, Waverton, sold last weekend at auction for $790,000 above reserve.

Homes selling like hot cakes on the north shore

THE lower north shore continues to be virtually immune to the market slowdown, following yet another strong round of results under the hammer.

After four auction weekends so far, Mosman’s year-to-date clearance rate is a whopping 77 per cent.

With nearly eight out of every 10 homes going to auction selling, this impressive result is well above Sydney’s improving average clearance rate of 60.19 per cent and the 54.92 per cent Australian rate this year.

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Despite a modest clearance rate of 64.1 per cent by Mosman standards on the weekend, the rate was still higher than Sydney’s 61.81 per cent clearance rate.

A boost to the clearance rate has transpired into a number of impressive auction results across the board as buyers start to feel optimistic about their chances.

Last month 21 registered bidders turned up for a Neutral Bay deceased estate that ended up selling for $2.62 million — $520,000 above reserve.

There were also 10 registered bidders on the weekend for 12 Tunks St in Waverton, which sold for $3.165 million — a whopping $790,000 above reserve.

Belle Property Mosman principal Tim Foote said it has been a very strong start to the year for the local market.

“The way we’ve started the year has been a pleasant surprise,” he said.

“There isn’t an influx of new buyers, but sellers have become more realistic on price, which is generating good results.”

Mr Foote said buyers are taking advantage of the current conditions.

“You’ll never pick the bottom of the market, but smart buyers are realising that this is pretty much as low as the market will go,” he said.

LJ Hooker Avnu’s Adrian Bridges said buyer sentiment has improved from where it was at the end of 2018 to now as buyers realise that it is a great time to buy.

“There is a lot more confidence in the market, and buyers are not holding back anymore like what they were last year,” he said.


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