In a transistioning market buyers are going back to basics looking for property on good-sized blocks of land, in central positions and with good bones.
Homes with character, big blocks and landmark positions all sold strongly this week on the northern beaches while some of the newer homes on smaller blocks were overlooked.
Agents comment that buyers are looking for good fundamentals in a property, things that can’t be changed, like the size of the land, its orientation, its aspect, and its position relative to schools and the beach.
Robert Killian, of Belle Property Manly, said property with poor light or aspect or with problems was struggling in this market.
Tim Mumford, of Stone Real Estaet Manly, said buyers were also very concerned to see transparency in negotiations.
On the northern beaches this week auction properties sold well with 25 of the 38 homes offered selling either on the day or before. The northern beaches auction clearance rate was 65 per cent, according to CoreLogic.
A Fairlight house held by the same family for 100 years was one of the big auctions of last weekend.
Number 14 Jamieson Ave was an Art Deco gem with north to rear aspect close to Manly. It has been held by the Bridges family since 1920 and all three generations who lived at the property were mathmeticians. The late Albert Bridges wrote the school curriculum for manual arts, his late daughter Elaine was a maths university lecturer and his great-grandson Ben is a high school maths teacher.
The guide for the three-bedroom home was $2.2 million but the hammer fell on auction day at $2.245 million.
Tim Mumford, of Stone Real Estate Manly, said three families registered to buy the character home. Bidding opened at $1.8 million and the new owners fell in love with the block and the charm of the street.
“A lot of owners have undertaken beautiful renovations in the street keeping to the heritage of the period,” Mr Mumford said.
The buyers also intend to keep the property’s character while creating their dream home, he said.
“Buyers are looking for fair to accurate pricing and a clear and transparent sale process,” Mr Mumford said of the market.
“We are finding that it is properties that are accurately priced and well marketed … that are achieving great results before or at auction. However transparency in negotiations is what buyers are looking for in the current market,” he said.
Another house in a central position and on a block of 1214sqm of land was 43 Bellevue Ave, Avalon Beach which sold this week for $2.3 million.
The 1920s timber home with dual-street access was the home of French designer Martine Piat who is known for her stylish foldable chairs. Her home was a level walk to the beach and attracted older buyers downsizing from a big house.
Stephanie Hammond, of Shores Real Estate, said three sets of downsizers wanted the property.
“They all thought the house was charming but wanted to update it. The land and the rear lane were the big attractions,” she said.
Finally a classic cottage on 702sqm of land next to Manly Dam Reserve has sold for $1,605,000. The three-bedroom home at 147 Campbell Pde, Manly Vale was at the end of a cul-de-sac with a view of a waterfall.
Agent Robert Killian said the home’s land, aspect and view were all highly regarded.
“It was also just 500m from the new Manly Vale primary school,” he said.
“Buyers are going back to the fundamentals,” he said.
The house was passed in at auction but Mr Killian negotiated with three parties afterwards and the underbidder upped his offer.
“I think this is a very strong result in the current climate,” he said.