Knight Frank Head of Prestige Residential Mark Manners is highly competitive and places great value on persistence and achievement. He is a keen motor enthusiast and racer who drives classic cars, plays tennis, clay pigeon shoots, and, in his spare time, "operates a taxi service for two teenage daughters".

For 15 years Mark has assisted clients across Mosman and the North Shore in their real estate journey and in that time he has achieved some of the area's highest sales, including a number of suburb, street and building records. In both 2018 and 2019 he frequently held the No 1 position for Highest Average Sales Price in Mosman. 

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Source: Mark Manners

WILLIAMS MEDIA spoke to Mark about the Sydney prestige market in 2020 and beyond.

What are your predictions for the 2020 luxury market in Sydney and country NSW?

With what is going on in the world right now, predictions are going to be hard to make. At the moment, the market continues to be strong with lower stock levels and cashed up buyers from last year looking to purchase. 

We have seen a number of double-digit sales transact in the past couple of weeks and these were properties that had been on the market for some time last year. 30 per cent of properties are selling prior to auction and we have approximately 75 per cent clearance rates. 

There is always demand for high quality homes in the best locations and in the current environment, I think people will regard their principal place of residence as their sanctuary and a place to retreat more than ever. Therefore, we may see groups taking advantage of the low interest rates to trade up to their ultimate home. 

Also, with the current share market volatility I think we will see more people moving money into property as a safe haven.

Interestingly in the last week, we have received a number of enquiries from families looking for more remote properties such as acreages and private islands.

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Source: Knight Frank Prestige Residential Sydney  19 Shellcove Road Kurraba Point, recently sold by Knight Frank and The Agency

What advice do you give to vendors for the best outcome?

The most important decision a vendor will ever make is their choice of agent. Many agents are just transactional and want to get the property sold quickly, so they will solicit and submit offers to vendors at any level and say this is where the market interest is. 

Your choice of agent can influence the sale by up to 10 per cent or $500,000 on a $5m home. This is a lot of money to a vendor but represents only a small difference to an agent’s commission, which is why they do not push for a higher offer. 

Select the agent who can tell you how they will get you the highest price, not the one who tells you the highest price.

What advice do you give buyers?

If you love a home and it ticks most of your boxes, make an offer. 

What are your vendors saying?

The most common question from vendors is whether they should sell off-market or go into a campaign. There are a few valid reasons why one would consider an off-market sale, but in general you are always going to get a better result and peace of mind by going to market. 

What are buyers saying - what are they looking for?

Buyers are looking for more choice. The more property that is on the market, the better for both buyers and sellers. At the moment, buyers seem to not want to do work or renovations, they are looking for homes that are finished to a good standard and ready to move in to.

Are the buyers changing?

In Sydney, there is currently a large number of ‘rightsizers’ who would like to sell the family home and move to a smaller, easier maintenance property. This group is sitting on a large stock base of property that would potentially come to market, however there are very few suitable options for them.

Where do you see demand coming from?

Young families looking to upsize are always the most active, followed by overseas buyers. This year, we have seen an increase in enquiries from Hong Kong and Singapore, and I believe this will only increase as they continue to look for a safe, long-term environment for their families and children’s education.

Where are most buyers from - are they expats, from Asia, or local?

Most buyers are local, followed by Asia and expats.

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

Look after your clients as if they are family. They will reward you with loyalty, referrals and friendship.

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Source: Mark Manners

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