In the second half of 2019, agent Darren Curtis of Ken Jacobs Christie’s International Real Estate sold 4 properties over $10 million, breaking two suburb records.

A skilled chess player who speaks three languages, Darren lives with his family on Sydney’s North Shore, an area he is intimately familiar with, having sold 11 homes over $6.5 million on the Upper North Shore in recent times. 

At the time of writing, Christie’s holds 23 suburb sales records all across NSW – including the exclusive prestige markets of Point Piper, Vaucluse, Hunters Hill, and Woolwich. 

WILLIAMS MEDIA spoke with Darren about the Sydney luxury market outlook for 2020, where demand is coming from, and the value of Christie’s international reach.

2019 was a positive year for you. Are there any sales from end of last year that you’d like to mention?

After the 2019 election, I was fortunate enough to be involved in four sales over $10 million in various suburbs, and two of those four produced new suburb records, in Gordon and Duffy’s Forest. 

But whether it was the 225 acre estate I sold two hours north of Sydney or the $11m home I sold in Vaucluse, all of the homes that we represent are special. The one thing that connects them all is they are one-offs that are unlikely to be repeated. And that’s what makes the job so interesting.

1_dorset_road_northbridge.jpg

Image: Ken Jacobs Christie's International Real Estate

What are your predictions for Sydney’s luxury market in 2020?

Once we get through some feedback from the fires, and the coronavirus, I think 2020 will open up and be a very positive year.

It is very clear to our company, having the international reach and many overseas affiliates, that there is a continuing, and even strengthening, interest in Australia overall as a blue-chip destination.

Mainland Chinese tend to focus in Australia on the great education, the clean air compared to where they are coming from, the blue skies, and blue waters. All the inherent reasons why people choose to come to Australia are still here, but we have been faced with some truly difficult and devastating circumstances in recent weeks and months.

Domestically, there is still a shortage of good stock at the top end, stock levels are quite low, and I think this will further drive demand, which should be good news for our clients who are looking to sell this year.

What advice are you giving to vendors for the best outcome? 

With the current February through to Easter selling quarter, the only advice on top of everything that we normally deliver would be: timing is more flexible this year given the difficult external elements we are witnessing. Let’s do it properly and if we are a week later because of the weather, there’s no need to panic. 

Christie’s place an emphasis on photography, so a lot of our advice is to spend time and money investing in a fabulous set of photos. It is clichéd, but nothing says more than a great image. Everything you do will be built upon those photos, whether it is print media, web entries, or editorial. And while drone work and short video are becoming increasingly important when you are building a campaign, you will always need a good, strong, solid set of photos.

I pick the photographer according to the home, from a panel of photographers that Christie’s uses. They are all superb photographers outside of real estate. And the simple reason for that is, great photography will generate more enquiry, which in the end will lead to a better result for the seller. 

55_wentworth_road_vaucluse.jpg

Image: Ken Jacobs Christie's International Real Estate

What advice do you give to buyers?

I think it’s important that buyers aren't afraid to say if they want to buy something. We are fortunate enough to represent one-off homes, so I always ask buyers who show interest, “would you like to buy the house?” It’s sometimes a question not always asked.

Are your buyers changing? 

If we look at sales that exchanged and settled last year, a little over 50 per cent of those went to either Mainland Chinese or Hong Kong-based buyers and the other 50 per cent were Australian domestic purchasers. That split has been quite consistent over the last 5 years, so I think that trend is kind of settled. 

Where do you see demand coming from?

I deal with many Mainland Chinese buyers every day. I think it’s a trend that will be ongoing for the foreseeable future as it ties back in to Australia being seen as a great, blue-chip destination.

This has been emphasised last year with the trouble that we have seen in Hong Kong. We have had an increase in enquiry from Hong Kong, both Hong Kong Chinese, and of course, Hong Kong expats who have actually brought forward their return home. This is all aligned with the weaker Australian dollar, so it’s a good time to be buying if you are dealing in US currency. 

Do you find that there is international recognition of Christie’s as a brand?

Christie’s was founded in 1766, and the auction house grows every year in London and in Hong Kong. The Hong Kong sales, normally in November each year, are particularly important and I do get feedback from certain buyers that they know Christie’s Fine Arts and are aware some of the recent auctions that have taken place. We are in the same offices in Double Bay as Christie’s Fine Arts, so there’s a real connection, not just branding. 

Is Mandarin one of the languages you speak?

I read French and Spanish at university. I am improving my conversational Mandarin and I think it would be an advantage to me if I could continue to improve that, but we’ve been able to achieve what we have without any Mandarin speakers in the office.

Do you see a lot of downsizing or upsizing? Do you find your relationship moves with these clients as they change their situations?

Many of my clients selling large estates are sellers whose children have grown up and left home, and this particular profile of seller is looking for, I find, a beachside property or a secure, lock up and leave apartment in the city.

If we don’t have what they are looking for, I can put them in touch with agents who do handle that sort of stock. So, there’s many different ways that we can help apart from just directly selling somebody’s house.

What attracts high net worth vendors and buyers to Christies and is dealing with them different?
 
I feel the answer here is two-fold. First, I have worked with Ken Jacobs for almost 15 years and it is clear his achievements at the very top end of Australian real estate are unsurpassed. Thanks to his track record and now my own, potential sellers know very well we have the experience to produce the very best results for them. There is a high degree of trust and an understanding this major asset will be handled correctly at all times.
 
Second as discussed, Christie’s Fine Arts has been around for a very long time and it is arguably one of the most trusted brands in the world. Given our hugely close ties with the Fine Arts, there is an understanding amongst sellers and buyers that this trust, discression and assurance will be found in the Real Estate departments too.
 
If you mean in different price ranges, I do not sense any real differences in various buyers and sellers. Everyone wants to be treated fairly, honestly with the very best results looking to be secured for both sides; this is always our focus.

What is one thing you have learned over your years as a luxury agent?

It’s really difficult to pinpoint just one thing, as I’ve been fortunate to pick up many important tips over the years, but one that I have learnt is never be afraid to walk away from a deal. I think some agents get caught up in a bad deal and a lot of time and energy can be wasted in trying to pursue something that’s never going to work. So I think recognising when it is time to walk away at an early stage is really important. And it’s surprising how many deals actually come together once the pressure is relieved.

Do you have anything exciting coming up this quarter?

I’ll be releasing a 5,000 sqm family estate in Wahroonga and a north-facing waterfront in Hunters Hill, amongst others! I can’t give too much away at the moment, ha ha. All are due to launch for sale in next couple of weeks, given the slight delay with the weather.

More from The Real Estate Conversation:

Get to know Darren Curtis of Christie's International Real Estate

Blue Mountains landmark Victorian Manor: 'Bunda House’