People who were sitting back and monitoring the property market last year are out buying this year, especially on Sydney’s northern beaches.
In first three days of March the northern beaches notched up 48 sales worth more than $88 million.
Friday, Saturday and Sunday of last weekend was one of the busiest weekends in months, the auction clearance rate was a respectable 64.81 per cent and there were some big ticket sales.
Agents commented they have noticed buyers rejoin the market after a spell of sitting back and watching.
Phillip Wright, of Stone Real Estate, said people who had been holding off and monitoring the market were back in the game and bidding. He sold 10 Vista Ave, Balgowlah Heights at auction last Saturday. The tri-level home had a guide of $2.9 million and sold under the hammer for $3.32 million. Four groups wanted the five-bedroom home with large pool, three of those groups were locals looking to upgrade.
“People who were sitting back are now coming back in droves and we have a lack of good quality homes with four to five bedrooms, good flow to backyard and a pool,” he said. He added that families are doing their sums and realising that the cost of renovating hasn’t eased while house prices have slightly softened.
“We have buyers with sums of more than $10 million but we haven’t got the range of good stock to show them,” he said.
Tim Wirth, of LJ Hooker Seaforth, has also seen an increase in buyers this year.
“We are seeing twice the number of people at open houses this side of Christmas compared to before Christmas,” he said.
“And these buyers are people who were watching the market last year. They are back now,’ he said.
LJ Hooker Seaforth sold 19 Bligh Cres, Seaforth for $3.85 million last weekend. Five bidders fought for the waterfront home which attracted buyers from within a five kilometre radius of the home.
Lachlan Elder, of LJ Hooker Mona Vale, sold an untouched block of land in Church Point for $820,000 after just three days on the market.
“The market is ok,” he said.
“The buyers who were renting last year and waiting have rejoined the market this year,” he said.
James Baker, of McGrath Avalon, said at the end of last year many buyers were sitting on the sidelines but this year they are making decisions.
“They are inspecting property and seeing 20 others walking around with them and Avalon is one of the most active suburbs at the moment, that is what we are hearing,” he said.
Mr Baker has just sold 317 Hudson Pde, Avalon Beach for $1.7 million to buyers who were looking last year but who have bought this year.
The top sale of the week on the northern beaches was $5 million for 67 Ellery Pde, Seaforth. Maria Cassarino, of Stone Real Estate, said a buyer from Burwood inspected the grand home on Wednesday and purchased it on Friday.
“The buyers were wowed by the home and they wanted a trophy home,” she said.
The five-bedroom house on 1220sqm of land with pool and tennis court last traded in 2015 for $3.98 million after 134 days on market. This time it sold in 30 days.