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LOWER NORTH SHORE STILL STRONG ACCORDING TO AQUALAND AND CBRE

Property Markets / Transactions

Australia

May 20 2019

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Current property market sentiment points to drastically falling prices in areas of large supply in Sydney, however despite these reports there are pockets of Sydney that still represent significant opportunities and plenty of growth potential, most notably Sydney’s Lower North Shore.

Ben Stewart, Director, CBRE Residential Projects said, “In the Lower North Shore, we are seeing strong demand for the right product, with prominent residences like Aqualand’s Blue in Lavender Bay, Embassy Tower and Eighty Eight both in St Leonards and the up and coming project at Premier Place, Neutral Bay still receiving a high volume of interest.”

“This resilience is a result of limited stock which has been highly evident in the recent landmark sale of a 2-bedroom property at Aqualand’s Blue for $4,120,000, driven largely by its location, harbour views and quality finishes,” He adds.

Alex Adams, Head of Sales and Marketing and Head of New Business, Aqualand said, “The resilience of the Lower North Shore region is no surprise considering its central location and lifestyle appeal for the right types of buyers. The area is an attractive prospect for professionals and families who want to live within arm’s reach of the CBD and some of Sydney’s top-rated schools. Many downsizers living in the North Shore are selling large family homes in favour of new apartments oncethe kids have moved on. These are buyers who are willing to pay for quality finishes and a convenient location within walking distance of local shops and amenities.”

Other recent sales at Blue, Lavender Bay include two 3 bedroom Penthouses for an average of $10m each and another 3 bedroom for $7.6m. In addition, Lisa McGhee-Dann, an investor who recently purchased a south-facing 1 bedroom apartment for $1.35 million noted that it was the generous apartment size, luxurious finishes and the location of Blue that appealed most to her when purchasing.

In April, a two-bedroom Kirribilli apartment sold for $4.9 million – over $900,000 above the reserve price – as downsizers battled it out at auction for the property’s panoramic harbour views and tasteful interiors. The result was well above the suburb’s median apartment price of $1,282,500.

“Local auction clearance rates of 80%, well above the city-wide 61% average, also indicate robust demand in the area. The consensus among local property agents is that a lack of suitable stock is driving more aggressive bidding and willingness to spend amongst these key buyer groups – affluent downsizers and professionals.” Stewart said.

The key takeaway here is that new properties of a high quality, especially those with waterfront views, will always draw interest – even in a declining market. Mosman, Neutral Bay and Cremorne are performing well, as these areas have a lack of brand-new stock but plenty of interest from prospective buyers.

Indeed, Stewart notes that, “We have seen purchasers are identifying Blue as the last opportunity to buy in a building of such high quality as there are simply no more buildings like this in Lavender Bay, Milsons Point or the surrounding areas.”

Adams adds, “We have been very pleased with Blue’s performance in the current declining market. The development is harbourside living at its very finest. Designed by award-winning PTW Architects, Blue’s aspect takes in the stunning harbour, northern district and skyline views. The one, two and three-bedroom grand residences offer expansive open-plan layouts along with the breathtaking view of Sydney harbor which has ensured its continued interest and sales success.”

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