This could be the year to move on quality property opportunities in the east with some prestige homes being offered with big discounts on last year.
“There has been a bit of an adjustment and there’s some great opportunities out there for the astute purchaser,” Ray White Double Bay principal Elliott Placks said.
The number of new listings for his agency are up 15 per cent compared with the start of last year.
Expats are already pouncing — they have the bonus of a weak Australian dollar. “Expats have hit the go button,” says Hunter Manor buyer’s agent Peter Jinks.
He found last week’s buyer of a four-bed designer home with ocean views at 21 Yanko Ave, Bronte, that sold for $5.5 millon to an expat returning from New York.
With the dollar at 71 cents American, it cost him $3.9 million. The sale was via Phillips Pantzer Donnelley’s Alexander Phillips, who also sold 23 Yanko last week for about $11.5 million.
Among Mr Placks’s listings are the historic Elizabeth Bay waterfront Tresco, in the name of Janette Waterhouse who is the wife of the stockmarket trader David Waterhouse.
On a massive 3300 sqm block at 97 Elizabeth Bay Rd in the exclusive Elizabeth Bay Loop, there’d been hopes of $50 million through other agencies. The new guide for the seven bedroom home is $45 million.
Mr Placks also has a revised price guide for the Bellevue Hill home of fund manager Ari Drogaand his architect wife, Lisa.
Last October, the palatial six-bedroom Allala, which is set across 974sqm with an extra 229sqm of private adjoining garden land, had hopes of $14 million.
It now has a price guide of 11 million ahead of its March 6 auction, in conjunction with Sotheby’s.
There’s already been an offer just under that figure. The Drogas are keen to sell having bought Bonnington, an historical F. Glynn Gilling-designed house, around the corner for $20.4 million through Mr Placks and co-agent Ashley Bierman.
Listings are also up on last January at Richardson and Wrench Double Bay.
“We have 15 properties going to auction in February compared with 10 last year — that equates to a 50 per cent increase,” principalMichael Dunn said.
Son James Dunn has a split-level whole-floor Darling Point penthouse at 11/4 Marathon Rd set for February 27 auction with a guide of $5.3 million.
The four-bedroom 11th floor apartment in the tightly held ‘Wiston’ building with harbour views is attracting interest from both downsizers and young executive couples. There are two bathrooms and a double garage.
It’s owned byth e Koo family who are looking to downsize due to spending much of the year overseas these days.