150 enquiries for one property that sold recently through McGrath Estate Agents, despite restrictions. WILLIAMS MEDIA analysed four properties that have sold recently.
As restrictions on the real estate industry have been heavy but necessary, many agents are continuing to be successful as they continue to sell properties.
WILLIAMS MEDIA analysed four properties sold recently, one before the COVID-19 restrictions came into place, from McGrath Estate Agents, taking into account days on the market, number of enquiries and number of contracts issued.
Property 1
William Manning recently sold 22 Kulgoa Road, Bellevue Hill early May 2020, between $6.5-7 million, in a very short period of time.
22 Kulgoa Road, Bellevue Hill sold by McGrath's William Manning. Photo: McGrath
“It’s certainly a very positive sign for the market when a quintessential Bellevue Hill home like this has such interest in it, sells so well and in such quick time," said Mr Manning.
"We had 150 enquiries, issued seven contracts and negotiated the sale within four days.”
The property sold on 1 May, 2020 after four days of negotiation.
Property 2
For Tracey Dixon, 14 Crescent Street, Hunters Hill was a high end property that she sold on 4 February 2020 for close to $8 million.
14 Crescent Street, Hunters Hill sold by McGrath Estate Agent Tracey Dixon Photo: McGrath
After showing the property off market to a few parties, Ms Dixon organised a listing which saw it sell in the second week of the campaign.
There were 2-3 parties that were very interested, but it came down to price, as it always does," said Ms Dixon.
“Buyers who are buying in the higher end generally aren’t susceptible to market fluctuations.
"They recognise the value of properties like this.
"The Covid-19 restrictions certainly didn’t impact on interest in this property.”
Property 3
Anne Stone of McGrath Bowral sold 56 Devon Road, Exeter on 27 April, 2020 for $2,150,000 and said the COVID-19 pandemic had changed the real estate market.
56 Devon Road, Exter sold for $2,150,000 by McGrath Estate Agent Anne Stone. Photo: McGrath
The property was 42 days on market.
There were 8 inspections and finally one contract that bought the property.
“It’s a really unique home on beautiful land and it’s in very good company with its neighbours," said Ms Stone.
"I’m feeling really positive about the Highlands market.
"Our rentals have been incredibly busy with people from Sydney moving down to rent here while they look to buy.
"Now they know they can work from home, it changes everything.”
Property 4
Chris Volpatti of McGrath Coogee said there was healthy competition for 51 Wiley Street, Waverley which sold on 29 April 2020, and other properties he sold.
51 Wiley Street, Waverley was sold by McGrath Estate Agent Chris Volpatti. Photo: McGrath.
“We found our buyer after the campaign and ended up with two competing buyers, one a local and one from overseas," said Mr Volpatti.
I had three sales last week – we hung in there with the prices and achieved results my vendors were very happy with.”
Summary
The high end market doesn't seem too troubled with the restrictions made by the pandemic, with buyers still coming out in force.
Home inspections by online means would not be strange for many buyers who may be coming from overseas.
Sale prices are still strong and restrictions may have brought out the more serious buyers causing the days-on-market to be much shorter.
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