Sydney prestige market to see high buyer confidence in 2020: HTW residential
The lower north shore prestige market experienced a fluctuating year in 2019, according to the latest Herron Todd White (HTW) residential report.
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
The report notes the market started very slowly with the number of transactions significantly down, although the second half of the year saw a notable improvement in market activity.
"We expect there to be continued high buyer confidence in 2020 within this sector of the market, barring any unforeseen financial or international turmoil.
"We believe that transaction numbers and sale prices throughout the year will remain strong, although not at the levels seen during the peak of the market cycle," the valuation firm said.
The report notes Mosman could well see its suburb record sale price broken this year.
It was previously set in 2018 with a $25 million sale on Hopetoun Avenue.
The property as 2 Rosherville Road, Mosman (pictured below), set on 1473 square metres of waterfront land, is currently on the market with a reported asking price of around $30 million (news.com.au).
"This property has been on the market since the middle of 2019 so we will wait to see if market conditions this year support the property transacting at this price level."
"The inner Sydney prestige market will continue to be buoyed throughout 2020 by the current projects being constructed in the Circular Quay precinct and further development of Barangaroo," the valuation firm said.
In late 2019 it was reported that a penthouse, two apartment amalgamation, had sold to an individual purchaser for $140 million.
Benchmark sales such as this add to confidence in this sector of the market as the media broadcast such notable sales nationally and even internationally. This promotion attracts the attention of potential buyers in this top end prestige sector and the limited supply of such units can help spur continued strong sales.
"We expect this to be the driver of high-end sales in the new development areas in inner Sydney throughout 2020," the valuation firm said.
"The eastern suburbs prestige market roared into gear in the second half of 2019 after a subdued first half of the year," the valuation firm continued.
Over 20 trophy homes, with asking prices above $15 million, are currently listed for sale across the prestige suburbs of Point Piper, Vaucluse, Bellevue Hill, Darling Point and Elizabeth Bay.
On top of this, there is an increasing number of prestige property owners who utilise the expertise and contacts of well-regarded local agents working within this space to sell their properties off market.
"We are expecting the strong finish to last year to continue in 2020," the valuation firm stated.
"In the south, the record of $10.86 million for the Sutherland and St George region, set by a property in Kangaroo Point in 2018, is under threat," the valuation firm said.
A large three-storey waterfront home on over 3000 square metres of land at 4 Townson Street, Blakehurst (pictured below) boasts six bedrooms, eight bathrooms, a tennis court, indoor and outdoor pools, slipway, jetty and garaging for up to 15 cars.
The property was listed in October through Black Diamondz Property.