James Sutton and the purchasers of 23 Challis Ave, Turramurra provide insight for the North Shore Times into the current Ku-ring-gai market and why some buyers are returning to the Upper North Shore.
(Article by Matt Bell)
HAPPY BUYERS: Prue and Bernard Brinsmead are returning to the upper north shore after purchasing a Challis Ave home in Turramurra for $2.62 million from Chadwick’s James Sutton. The couple, who love the suburb’s leafy appeal, secured the home before auction with a bid. “There is always demand in this area, so we wanted to put an offer on the house as soon as we liked it to ensure no one else could get it.”
BUYER demand is driving property price growth on the upper north shore, defying the wider Sydney market slowdown.
CoreLogic data reveals 21 upper north shore suburbs have recorded growth in either unit or house prices in the past three months.
Apartment prices in Lindfield are up 7.3 per cent since January to $1.025 million, followed by St Leonards which has seen apartment prices rise 5.9 per cent to $900,000.
Houses in Castle Cove and South Turramurra are seeing the most demand from buyers, with the median price increasing by four per cent in both suburbs.
These are followed by North Turramurra, Wahroonga and Gordon, which all saw a median price increase between 1.7 per cent and 3.3 per cent over the recent three months.
The wider Sydney market which recorded a fall of 2.5 per cent in the median sale price over the same period.
REA chief economist Nerida Conisbee said buyer demand was insulating the north shore from the impact of the cooling market.
“Middle market areas have been more hit with the end of the property boom, however demand for property on the north shore is keeping prices up due interest exceeding supply,” she said. “The market has stabilised, but the demand is different, not just in clearance rates, but things have slowed down, however the demand is different and particularly strong in the north shore and eastern suburbs.”
Ms Conisbee said upper north shore suburbs frequently appeared at the top of search results for buyers.
“For searches per listing West Pymble and Wahroonga are getting well over 4,000 searches per listing. This is in stark contrast to Sydney Olympic Park, which is getting as low as 300,” she said.
Chadwick Real Estate selling agent James Sutton said despite a changing market there were still plenty of buyers out there.
“At the moment we’re seeing a strong one or even two buyers for every property on the market, and vendors are not as likely to play hardball as before on price,” he said.
Mr Sutton said setting realistic selling prices would improve a vendors chance of having a great result.
“Homes that are priced at the right point and not being too opportunistic are getting the right attention and thriving this year,” he said.
The Chadwick agent said the recent sale of a Challis Ave home in Turramurra for $2.62 million illustrated the point.
“We had 30 to 40 groups go through the door and 12 contracts were issued, which is incredibly strong,” he said.
William Robinson from McGrath, who recently sold author Lisa Heidke’s Pymble property for $5.18 million, agreed that demand had not dropped on the lower north shore.
“There is still plenty of strong buyers out there to get 90 inspections in that price range of over $5 million, is a good sign for the market,” he said.
McConnell Bourn agent Scott Farquhar said A grade property still had plenty of interest.
“While the market has changed, a grade property are still having really strong prices and a strong buyer pool, which is always going to be the case,” he said.
With the market entering a new phase, Ms Conisbee said there was never a better time to upgrade or get on the property ladder.
“When it was running red hot, buyers were being more frantic due to the competition. Now they can get more value and make more informed decisions by have a little more breathing space to make a better choice,” she told the North Shore Times.
Buyers were also feeling more confident this year according to Mr Sutton, who said they felt confident by having a great say in the situation.
“We’re seeing that buyers feel like they have more control than what they used to have during the boom.
“They’re more likely to negotiate on price than last year when you had six buyers for every property, and the selling side is more open to that than in the past,” he said.
Mr Farquhar said vendors were more open to negotiation than in the past.
“Obviously there is not the same frenzy as before, so if you are able to secure a suitable offer before auction, it makes sense to negotiate a sale as it gives vendors certainly,” he said.