Real Estate

Apartments are hot property for buyers on the lower north shore

Written by The ReReport
As seen in the Source link, written by on 2019-06-28 02:24:47


Auctioneer Josh Larsen conducts the auction at 501/102 Alfred St, Milsons Point.

Apartments were hot property for buyers across the lower north shore on the weekend.

They accounted for all five of the top auction results, with a rare three-bedroom apartment in Milsons Point heading the list.

The fully renovated apartment at 501/102 Alfred St, attracted a crowd of about 50 people, and seven registered bidders.

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More than half of the bidders were knocked out early, thanks to a strong opening bid of $2.158 million. The price guide on the property was $2.1 million.

It came down to three bidders, with downsizers from the northern beaches winning the property on a bid of $2.42 million.

Trevor Richardson, of Di Jones Neutral Bay, said the result was well over the reserve, which was “around $2.2 million”.

“It was a very strong result,” he said.

501/102 Alfred St, Milsons Point.


Auctioneer Josh Larsen conducts the auction at 501/102 Alfred St, Milsons Point.

Great view.

He said the apartment had attracted a lot of attention, due to its prime location and unhindered Sydney Harbour and Anzac Bridge views.

“It is a well looked after block, it has a concierge and two new lifts and buyers really knew what they were getting,” he said.

The fifth-floor apartment is located in the popular Harbourlights building, which is within walking distance of Milsons Point Station, the ferry wharf, buses and Kirribilli village.

Other features include two bathrooms, intercom and lift access, and double lockup garage within a secure car park.

If you missed out last weekend, there is still plenty on offer.

According to the site, there are 276 properties on the lower north shore for sale. Of these, 193 are apartments.

“Apartments have still been transacting well this year, but not in such large numbers,” Mr Richardson said.

He said the lower north shore’s stock level in general was really starting to bite, especially in the house market.

As an example, in Cammeray he said there were only five properties currently available for sale (not including off-the-plan sales).

“This is the lowest stock we have seen in a long time — I think 25 or 30 years.” he said.

“The market is a bit buoyant now so that could change things though.”

A few kilometres away in Waverton, another crowd of about 50 people crammed into every nook and cranny of a two-bedroom apartment, as it went to auction.

David Hill, of Raine & Horne HM Group, said the weather had driven the auction indoors, but it didn’t dampen buyers’ enthusiasm for the property.

“We had to move tables out to get everyone in, and we filled the whole unit up,” he said.

Sixteen bidders registered for the auction, and more than a third of them took part.

The top floor apartment at 12/2 Waverton Ave, Waverton, in a boutique block of 12, had a price guide of $1 million, and sold under the hammer for $1.19 million to a young professional.

The reserve was $1.07 million.

Great views — 12/2 Waverton Ave, Waverton.

Plenty of space.


Auctioneer Charles Baynie conducts the auction at 12/2 Waverton Ave, Waverton.

Mr Hill said it was an excellent result, especially considering the apartment needed both a new kitchen and bathroom, and the building did not have a lift.

“At the end of the day it was a good quality property in a suburb that doesn’t get a high volume of properties come up for sale,” he said.

The lack of lift had put a lot of downsizers off the property, although there was one who did bid at the auction, he said.

But there wasn’t a lack of interest — some 170 groups went through the apartment during the four-week pre-auction campaign.

Mr Hill said the numbers were a massive rise on those seen before the Federal Election.

“For the first six months of the year we were getting about 12 groups on a Saturday (at open homes) and about three on a Wednesday,” he said.

“We had 48 groups through this apartment on the first Saturday, and then about 30 on the other Saturdays and then the rest on the Wednesdays. There is no doubt there is more confidence out there.”