Real estate’s sleeping giant awakens

Back into the fray … Peter Roach feels the time is right to relist his six-bedroom property in Turramurra for more than $4.5 million. Photo: Dallas KilponenThe sleepy upper north shore is showing signs of recovery this year, with sellers increasingly confident in taking their prestige properties to market.

On Saturday, the upper north shore hosted more auctions than any other area. Almost 80 properties were scheduled for auction.

The bumper auction day followed three weeks of strong clearance rates about the 70 per cent mark. This time last year fewer than half of the properties auctioned on the upper north shore sold.

A senior economist at Australian Property Monitors, Andrew Wilson, said a key ingredient had returned to the market – seller confidence.

”The notion is that there is now enough competition coming from buyers to optimise price outcomes,” Dr Wilson said. ”That is lifting seller confidence … the one thing that was missing from the equation last year.”

Dr Wilson is also anticipating that the top end will lead the revival.

”The big difference will be the $2 million-plus market,” he said.

”We are seeing more momentum and I think we are pushing above that $2 million price range now.”

Having failed to sell his Turramurra house in 2009, Peter Roach has relisted the six-bedroom property for more than $4.5 million.

”We lived there for about 20 years and raised a family of four children but when we went to sell, it was the start of the [global financial crisis] and things deteriorated,” he said.

Mr Roach, who has downsized to McMahons Point, opted to lease out the 3000 sq m French provincial-style house with tennis court and pool.

”But it is time now to re-test the market and we have been pleasantly surprised by the level of inquiry,” he said.

Tracey McDonald, a Turramurra selling agent, said the region was fast becoming a sellers’ market.

”This time last year it would be fair to say that there was one buyer for each property,” she said.

”One of our agents just had 10 offers on a property.”

Ken Jacobs, of Christie’s International, has been acting as a prestige buyer’s agent in the area and said prospects for sellers would improve. But he warned it would take time for capital gains to return to the market.

The original release of this article first appeared on the website of Hangzhou Night Net.

Published in: 杭州楼凤

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