Strength in the prestige market north of Sydney

Strength in the prestige market north of Sydney
Strength in the prestige market north of Sydney

Sydney's upper North Shore and Hills District has seen a number of strong results over the last 12 months, according to valuation firm Herron Todd White.

"When most people think prestige property their attention is always drawn to the eastern suburbs or lower north shore of Sydney," HTW's latest housing report suggested.

They said that while the wider market has begun to cool, there are still cashed up buyers hunting for prime real estate.

A Dural home fetched $8.8 million last year, a record for the area.

The property at 654 Old Northern Road (above) has eight bedrooms and 10 bathrooms.

It sits in over two hectares of landscaped grounds featuring a swimming pool, tennis court and district views. 

HTW did cite the difficulty to sell property at that price, with it taking over a year to sell.

They said the length of the marketing campaign was not unusual for homes of this calibre.

"It highlights the difficulties in selling property at this price point, because if you have circa $9 million to spend in this area you are able to purchase an older home, knock down and rebuild your home to your preferred design and specifications," the report said.

"The prestige market can be a little fickle at times due to the limited stock available of high calibre property and the length of time taken finding the right buyer at the right time."

Herron Todd White said they find that the biggest home in the suburb is not always the best.

"What appeals to the north shore market may not appeal to the acreage market," they said.

"Transactions at this level of the market are often dependant on personal preferences, what appeals to one buyer at this end of the market, may not appeal to the next.

There are always exceptions to the rule, an example includes a property in Wahroonga selling for $7,800,000 in October 2017 after only 11 days on the market.

"This highlights that if a property ticks all of the boxes for the area then they have the ability to get snapped up quite quickly," HTW said.

Strength in the prestige market north of Sydney

The renovated family home (below) with pool and tennis court sits on half an acre of landscaped grounds.

The home at 3 Stuart Street has with five bedrooms, open plan living and casual meals, separate banquet-sized formal dining, and multiple alfresco areas.

 

Tags: 
Sydney Htw

Comments

Be the first one to comment on this article
What would you like to say about this project?