Sydney's Lower North Shore has been leading the charge in auction success within the city, according to STRAND Property Group.
A new analysis by a Sydney buyers’ agent has revealed that purchasers in the Lower North Shore are defying the city's softening market.
STRAND Property Group Director, Michael Ossitt, said auction clearance rates in the region are dramatically outperforming the rest of Sydney.
“The Lower North Shore has been a star performer, with more homes selling at auction than in any other locality, including the City & East, and the Northern Beaches," he said.
Mr Ossitt said suburbs such as Wollstonecraft, Waverton, Crows Nest, Cammeray, Neutral Bay, Cremorne and Mosman were leading the charge in auction success.
Source: Strand Property Group
“Sydney’s weekly auction clearance rate has tracked between 61.5 per cent and 67.9 per cent since the start of February this year, and there’s no doubt the Lower North Shore has done most of the heavy lifting with results of 65.6 per cent to 89.5 per cent during the same period,” he said.
“In fact, our study of Lower North Shore clearance rates shows it has tracked well above the Sydney result throughout 2018 and 2019 to date.”
Mr Ossitt said a number of factors had contributed to the Lower North Shore's resilience, including a run to quality property, finance-resilient buyers, and locational drivers.
“These suburbs are in a prime location and offer exceptional housing, so they’re attracting premium buyers,” he said.
“Top-end purchasers have been less affected by the tighter lending conditions that plagued lower-price areas because many have strong asset bases and cash flow.”
“They’re close to the city, well represented by lifestyle drivers and attractive to those middle-ring buyers who were looking to upgrade a year or two back and can now afford to come closer in.”
The exterior of 111 Willoughby Road, Crows Nest. As seen on Luxury List.
Mr Ossitt believed the brunt of price falls had occurred, and there is now a window of opportunity to profit.
“These addresses are historically resilient in downturns and show the greatest upside potential when markets eventually turn around,” he said.
“Savvy buyers and investors are seeing hot prospects in the Lower North Shore and are taking the chance now to get in while vendors are willing to negotiate.
“Buyers believe these resilient addresses have pretty much bottomed out and now is the time to take advantage of market conditions.
“For those looking to secure a holding, there’s an opportunity to seize a great property at the bottom of this cycle and enjoy the long-term value upsides that are sure to come.”
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