There is one region of Sydney that didn’t get the memo that the residential property market is in slowdown.
The northern beaches has just notched up a new suburb record, scored an auction clearance rate of 78 per cent and agents are reporting scores of fresh faces are eager to buy houses on the peninsula.
This week a solid old house in the suburb of Narraweena sold for the new suburb record of $2.3 million — blowing the old record out of the water by a cool $120,000 set in the boom year of 2015.
Agent Ken Snell, of Barry Devine Property, said 26 Lascelles Rd was an Italian-style double brick and concrete house on a block of 1400sqm with views of the ocean.
“It was not everyone’s cup of tea,” he said.
“And I wouldn’t have thought I would see a suburb record fall in this market but this house was large on a big block of land and it would cost $2 million plus to build something like that now,” he said.
Narraweena, inland from Dee Why beach, is known as a suburb popular with the Italian community. It is the most affordable suburb on the beaches, aside from Scotland Island, and has a median house price of $1.421 million compared with the house median of $1.76 million for the northern beaches as a whole.
The five -bedroom house has a strong Italian provenance. There is a fountain in the front garden, heraldic arms in the billiard room and a brick feature wall complete with arches in the upstairs wet bar.
It was built by an Italian family in the 1970s who ran one of the first pizza businesses in the area.
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Forty groups inspected the cul-de-sac home with its pool, spa and sauna and the offer of $2.3 million was accepted before Christmas.
“I was patient,” Mr Snell said.
The buying process took a little time as finance was sorted but the sale has gone through this week and the new owners are a local family with teenage children who particularly liked the triple garage.
Mr Snell said the house had been untouched since being built and needed $300,000 of renovations spent on it.
The record result is consistent with strong buying on the northern beaches this year.
Agents up and down the northern beaches have commented on the number of new faces looking for property since the New Year, especially first house buyers and they are focused and determined and willing to bid at auction.
While the auction clearance rate in capital cities nationally this week was 47.8 per cent and Sydney recorded a rate of 53.7 per cent the northern beaches returned a clearance rate of 78 per cent. It is true that there were only nine auctions on the weekend but there are 40 booked for this weekend and already several agents have indicated they have ten or more interested parties chasing units and houses.