Eastern suburbs defy Sydney's falling market
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Mar 19, 2019
Eastern suburbs defy Sydney's falling market
While Sydney's housing market continues to weaken, some suburbs are defying the odds and recording high clearance rates.
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Ray White Double BayPictured: 48 Kambala Road, Double Bay. Sold at auction for $10m by Ashley Bierman of Ray White Double Bay as seen on The Home Page.
Onlookers spilled onto New South Head Road as more than 19 registered bidders turned up to vie for 11 luxury properties - eight of which sold under the hammer, recording an enviable 73 per cent clearance rate.
A combined $42 million worth of property was transacted at Ray White Double Bay's auction-in rooms.
The biggest sale of the night was 48 Kambala Road, Bellevue Hill which sold in under 15 minutes after being passed in for a price believed to be circa $10 million to a local family.
Ray White Double Bay sales agent Ashley Bierman says the result proves that within every market there are micro markets that outperform.
“As the broader market may have shown signs of change, Bellevue Hill is certainly showing its resilience as are so many parts of the eastern suburbs. When you have a quality home like 48 Kamabla Road offered that presents as an aspirational family home, you will always have spirited competition,” Mr Bierman said.
“These assets are as hard to buy as they are to sell."
Ray White Double Bay Managing Director Elliott Placks said the event demonstrates the high-end property market is still going strong.
“We had strong competitive bidding on every single one of our lots last night. I’ve no doubt the final three lots will be sold in next few days,” he said.
“We believe in auctions, and we know they create the best competition for our vendors. We have buyers here in every price bracket, so people shouldn’t be worried that there’s no buyers right now.
“Top properties will always sell, it’s just a matter of how much and how fast. Our days on the market is a bit higher than it was 18 months ago but stock is still moving and selling.”
Gavin Rubinstein, Director of The Rubinstein Group at Ray White Double Bay, and leading agent in the Ray White Group sold five of the eight properties yesterday worth $24M alone.
“Across these five lots we had over 250 groups through the properties and on the day, we had multiple bidders on each lot,” Mr Rubinstein said.
“When vendors are realistic about their expectations, trust the processes of the agent and buyers see value, this is when a premium result is achieved,“ Mr Rubinstein said.
“Interest from local buyers and a shortage of quality properties is still underpinning the market."
For more information, email or phone Gavin or Ashley via the contact details below.
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