Page 7 - Ernest

1. Sales Appraisal
The Apartment
Properties in the Crows Nest and surrounding area are well sought after given its prime location in Sydney. The apartment is in the heart of Crows Nest adjacent generous café and shopping choices. It has fantastic train and bus transport links, which will be enhanced with a new Crows Nest Station on the City to the Northwest train line. It is a comfortable apartment with generous parking/storage, which would have wide appeal in the market.
Local Market
We have seen continuing strong results for Crows Nest properties and stock levels remain low.
We have strong demand from our overseas buyers, particularly from the Chinese community. Our Chinese buyers and investors are an integral part of the current market place. Harbourline’s Lance Tu, a native chinese speaker, is particulary good at engaging and selling to chinese buyers.
Potential Buyers
The quality, style and excellent location of the home will appeal to a target market, consisting of:
• Downsizers and Professional Couples
The central location and proximity to the city, Crows Nest, Lane Cove, Chatswood, local clubs, CBD, local shopping and dining precincts offering great lifestyle, amenity and convenience.
• Investors
International and local investors looking for stable long-term investment returns. There is continuing demand from this segment. Low maintenance, rental return and good location are the main purchasing criteria for this group.
• Expatriates Before They Return to Australia
This group typically have the same buying criteria as investors.
• Out-of-Area Buyers
There is always demand from out-of-area buyers. They like the central location, good public transport and local recreational facilities. They often ask to be put on Harbourline’s data base
Sales Assessment
The apartment has a living area of 34 sqm plus a 6.8 sqm balcony, totalling 40.8 sqm of living space. We have therefor compared this to other similar small 1 bedroom apartments sold in the recent past, outlined below. All of these below have been immaculately presented. Our price guide is $550,000 to $605,000.
Small Area Apartments Sold in Past 9 Months:
Address
Sale Price
Date
Area (M2)
Amenitie s
2/185A Falcon Street Crows Nest
$535,000
Jul 2016
41
1B/1B
16/323 Alfred Street Neutral Bay
$500,000
Jan 2017
43
1B/1B
503/51 Chandos Street St Leonards
$600,000
Nov 2016
45
1B/1B
3/174A Kurraba Road Neutral Bay
$580,000
Nov 2016
35
1B/1B
117/99 Military Road Neutral Bay
$572,000
Jan 2017
51+1C
1B/1B/1C
203/420 Pacific Highway Crows Nest
$540,000
Feb 2017
35+1C
1B/1B/1C
1204/77 Berry Street North Sydney
$485,000
Sept 2016
41+1C
1B/1B/1C
210/22 Doris Street North Sydney
$470,000
Dec 2016
32+1C
1B/1B/1C
2/168 Falcon Street Crows Nest
$580,000
Aug 2016
49+1C
1B/1B/1C
220/287 Military Road Cremorne
$610,000
Jan 2017
69+1C
1B/1B/1C
24/167 Willoughby Road Naremburn
$430,000
Nov 2016
38 +1C
1B/1B/1C
301/34 Oxley Street St Leonards
$562,000
Sept 2016
40 +1C
1B/1B/1C
11/96 Chandos Street Naremburn
$618,000
Nov 2016
39 +1C
1B/1B/1C
12/13 Ernest Street Crows Nest
40.8 (+2C tanden)
1B/1B/2C
Source: Domain.com and Realestate.com
If you were to engage Harbourline, I and my colleague Lance Tu would work tirelessly to ensure we worked the local and overseas market to generate the maximum price from the market.