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Record Prices? - What is really happening.

In the last few weeks there has been some spectacular sales in our area. Recent stand out prestige sales include:

  • 18 East Esplanade, Manly - Renovated 4 bedroom semi facing Manly Cove. SOLD $4,000,000
  • 42 Beatty St, Balgowlah Heights - 5 Bedroom, beachfront reserve home. SOLD $5,250,000
  • 17 Monash Cr, Clontarf - Older style beachfront. SOLD$5,050,000
  • 36 Edgecliff Esplanade, Seaforth - Modern family home. SOLD $4,356,000

There are a large number of buyers looking for trophy homes in all suburbs, with a current grand estate like house in Clontarf St, North Balgowlah expected to sell this week for more than $2,500,000. Lower interest rates, the recovery in confidence in the property market and the rarity of one off homes continues to drive demand. In the general market there is still an overall shortage of properties for sale. This time last year there were 44 properties for sale in Seaforth compared to 27 this weekend available to buyers. This reduced amount of property stock is also helping to keep prices buoyant.

The mid part of the market is still the softest and hence if you are thinking of upgrading your family home now is the best time to move. Let us know if we can help with selling, buying or leasing. Have a great April..

Best Wishes,

Jason Guildea

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Posted on Tuesday, 15 July 2014 by Website Administrator

Apartment glut threat to inner cities

Is this true for the Northern Beaches and Lower North Shore?

This is the headline from Saturday's Australian Financial Review, the article goes on state..

“New Inner-city apartments are flooding into the nation's capitals at up to three times the markets' ability to occupy them, prompting red-light warnings to investors. Hidden behind the national housing shortage which has forced house prices up by 10 per cent nationally is a glut of inner-city apartments which in some cities is already driving down rents. Even more supply is coming, with 41,400 high rise apartments approved last year, a 30 per cent rent increase on 2012”

My thoughts are this might be true for some parts of Sydney like Chatswood, Hurstville, Eastwood and the City, however there is still strong demand from young first time buyers downsizers and investors in our area. From 2007 until last year really there was minimal new development in the Manly area. Anything newly built in Manly is snapped up and a recent new development in Sydney Road Balgowlah sold prior to the building complexion. So I feel the combination of being close to shopping, cafes, easy public transport and the natural beauty of our area will keep interest from buyers, investors and tenants strong for the foreseeable future locally. Also there is only a limited amount of space for new developments which will keep demand strong.

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Posted on Tuesday, 15 July 2014 by Website Administrator

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