“I think the size of those results shows that the (upper end of the market) is strong and selling well,” he said.
Phillips said buyers at that end of the spectrum included Famousinvestors and families upgrade.
through the water, 71 Stuart Street in Manly it soared $4.5 million above its $6 million reserve, reaching a final price of $10.5 million at auction.
Five registered to bid and three actively participated up to the $6 million mark, then a bidder from the inner west of Sydney took it to $10.4 million with the winner making a final bid of $100,000.
The three-bedroom house facing Little Manly Beach was bought by a local and upgraded from an apartment. The seller had lived there for 15 years and was downsizing.
Charging
Listing agent Mark Skeens of Stone Real Estate Manly said the property stood out for its location.
“Overall the market is down in the last 10 months but the Manly top end is still doing very, very well,” he said.
AMP Capital chief economist Dr. Shane Oliver said Saturday’s 68.5 percent sell-off rate means the market is down from the previous week.
“We may have seen the peak. There are still plenty of headwinds for the Sydney property market,” he said, adding that the drop in homeowners with low fixed mortgage rates could lead to a surge in listings and the looming economic slowdown could slow down the market. real estate.
“We are seeing an uptick from last year in liquidations, and that is being led somewhat by the higher end of the market. It’s unusual in that we don’t typically see rallies when interest rates continue to rise, which typically requires interest rate cuts.”
Just around the corner, an unrenovated apartment in the distinctive circular Kilburn Towers, Manly’s first sight upon arriving by ferry, sold for $2.29 million at auction.
The three-room apartment on the fifth floor of 53/1 Addison Street, with direct water views and elevator access, was purchased by a retiree on downsizing from the Hunter Valley. He plans to renovate and live there.
Eight registered to bid and four actively participated in the auction of the estate of the deceased. Bidding opened at $1.8 million and exceeded the reserve price of $1.9 million.
Charging
McGrath Manly sales agent Elliot Fahey said the market is good in Manly.
“Stocks are really low and there are obviously a lot of buyers trying to get in before interest rates go higher. Lately we have had a lot of demand. To have eight bidders at auction, that was unheard of six months ago,” she said.
In Longueville, on the Lower North Shore, a family from Lane Cove purchased a five-bedroom home for $8.7 million.
Four stores registered to bid and all participated in the auction for 19 Stuart Street.
Bidding opened at $7 million and $200,000 was sold over and above the $8.5 million reserve.
The seller, a widower who built the house with his late wife, planned to move to Clontarf. He was assisted by vendor advocate Julie Buchanan of Cohen Space.
“He had a great result,” he said. “We were hoping for around the top seven, thinking we might get eight or a little over eight (million).”
Listing agent Simon Harrison of Belle Property Lane Cove said the classic north-facing family home ticked many boxes.
Charging
“Most of the time, you probably have some limitations that people have to accept, but this one was extremely popular early on for those reasons,” he said.
“So the size of the lot and the house itself was very spacious.”
