Northern Exposure: The Bid Brief
Bungalows in Sydney’s Lower North Shore traditionally garner interest when they hit the market, and this renovated version in Willoughby has attracted a healthy turnout in the current market.
LJ Hooker Willoughby | Artarmon Principal John McManus and agent Michael Pyc will auction the home at 107 Fourth Avenue – which marries contemporary living spaces with the classic bones of its 1920s construction - at 3.30pm on Saturday. The renovation established three living areas, alfresco entertaining space and high-set ceilings for a sense of grandeur. The four-bedroom, two-bathroom home presides over a flat 571sqm block.
Even though price growth has slowed, Willoughby has still enjoyed a 9.3 per cent in its median house price ($2.3 million) over the last 12 months, according to CoreLogic. (Over the last five years, the median price in the suburb nearly doubled by 84 per cent).
“Compared to last year, foot traffic at open homes is down between 10 and 15 per cent dependant on the specific pocket in the Lower North Shore,” said Mr McManus.
“Sellers who are having success in the market are those that are embracing styling and cutting-edge marketing to stand out to buyers active in the marketplace.
“And in a market where buyers are not as aggressive as they were a year ago, marketing the property via auction creates an end-date for which parties have to signal their best offer.”
Mr McManus said buyers were preferring properties which had been completely renovated, but there was also an appetite for liveable homes that had scope for ‘value-adding’ in future years.
“With interest rates remaining low, buyers are also interested in older residences outside of conservation zones which they can knock-down and rebuild.”
LJ Hooker Epping will take to auction an ex-Metricon display home at 23 Mansfield Street on Saturday at 10.30am.
“We’ve had about 30 groups come through the marketing campaign, very interested in getting into one of Metricon’s Chelsea 37 offerings,” said auction agent Mike Assaad.
“It’s a 10-year-old home but built ahead of its time in terms of kitchen and bathroom fixtures, so it’s held its appeal very well.
“A strong percentage of the people that have come through the marketing campaign actually looked at buying the property when it was originally completed, and that emphasises its versatility in hosting a wide spectrum of lifestyles.”
Epping has been an exceptional performer in Melbourne’s north, notching a 22.3 per cent increase in the median house price ($572,000) in the 12 months to the end of February. However, Mr Assaad believed the peak in the market was near.
“It took a while for Epping to catch-up to the growth which the rest of Melbourne had enjoyed, but there’s been four of five properties now break through the $1 million mark,” said Mr Assaad.
“Quality properties are still being snapped up at auction but sellers of more modest properties are having to meet the market. The rate of price growth is slowing.”
In Adelaide, Fadi Oudih is taking to auction a renovated 1900s-era six-bedroom villa in Walkerville with a price guide of $1.575 million. Boasting recycled brick, a grand hallway leading to the living areas at the rear of the home greets visitors as they walk through the door.
“We’ve had about 50 groups through the home and, as soon as they’ve walked in, they’ve been blown away by the 3.7 metre ceilings,” said Mr Oudih.
“The neighbourhood has convenient access to some of the city’s best schools in St Andrews, Wilderness, Walkerville and St Peter’s College. It’s also very close to Linear Park, offering pedestrian access through to Adelaide’s CBD.”
With a median house price of $1.34 million, Walkerville is one of Adelaide’s most tightly held markets, with only 3.3% of properties in the inner-north suburb taken to market in the last 12 months.