The property market across the lower north shore of Sydney continues to be strong with clearance rates back up over 80 percent, which is classified as a “boom market.” The key drivers are cheap cash and minimal property available for purchase. In fact, we are down approximately 50 percent on available property compared with last year.
Locals, expats, and offshore buyers are also out and about looking to buy, which is another reason we are seeing properties sold so quickly. I recently sold 1 Milton Avenue in Mosman after it was listed for only nine days. McGrath also sold 45 Central Avenue, which set a new record price for the street.
My view is that these market conditions will continue for the rest of the year. So if you are thinking of selling, now is the time. Or, if you’re a buyer, make sure you don’t miss this opportunity to enter the market by sitting on the fence and failing to get in first.
In other news, we had a great night recently supporting the Beauty Point P&C fundraiser. I have supported the school for four years now and am very grateful to everyone who showed support and made the night so successful.
Michael Coombs is the exclusive agent representing the Sydney, Australia, real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.