North shore property market gets needed boost

North shore property market gets needed boost

The north shore property market has began the year on a positive note with a string of strong results.

After three main auction weekends so far this year, the north shore has a year-to-date clearance rate of 67.97 per cent, according to CoreLogic’s auction data.

The week ending February 18 saw the area record a 71.88 per cent rate — the highest since the start of September, when a 73.08 per cent rate was recorded.

MORE: Georgie Gardner lists Woollahra investment

Roseville home sells for $780k above reserve

Rose Bay trophy sells after auction

Renewed confidence in the market follows a sluggish end to last year where only half of all properties were selling under auction conditions.

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

This past weekend saw a Roseville deceased estate sell for $3.28 million — a whopping $780,000 above reserve. The auction had 12 registered bidders.

Strong bidding numbers were also seen at an auction for a Lane Cove apartment two weeks ago. It sold well above the reserve.

McConnell Bourn agent John Dundas-Smith said the market is showing positive signs after the events of last year.

“There is a real bounce in the market, everyone is on the same page from a pricing point of view,” he said.

Belle Property Lane Cove’s Tim Holgate said the both buyers and sellers are taking advantage of favourable market conditions now. “We see the run into Easter as the best selling time in 2019, as there will be some uncertainty after Easter due to the federal election expected in May,” he said.


Source link