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A WORD

FROM

TOM

As expected, prices stabilized overall in Waverton and portion of buyers from the inner west and eastern suburbs
Wollstonecraft in what was a tricky six months of selling. looking for and finding relatively more property options and
Compared to the first half of 2017, the number of sales in better value.
Waverton increased by 25% but were steady in Wollstonecraft.
Clearance rates still managed to remain above 70% on Of all of our sales in this past six months, there were a few
average for the period indicating a resilient and consistent deserving of a mention: 50a Milray Ave Wollstonecraft, a
market. Buyers who missed out on properties earlier in the three-bedroom duplex held by the owner for 60 years, which
year were rewarded for their persistence, whilst a good achieved $1,850,000; 10/13 Morton Street Wollstonecraft,
portion of realistic vendors were able to move on after a two bedroom apartment which achieved $1,302,500, a
reaping the benefits of meeting the market in somewhat building record; 3/85 Bay Road Waverton, a two bedroom
difficult conditions. townhouse sold for $1,540,000 representing 100% growth in
7 years and a Waverton suburb record. We also sold 4/30
Interest rates, stock levels and demographic/population Christie Street Wollstonecraft for a solid $1,930,000, a nicely
shifts are still the drivers of our market. Although stock levels renovated three-bedroom townhouse. Whether it was the
increased only slightly in Waverton and Wollstonecraft, vendor’s unique circumstances or the broad appeal of the
there were relatively more properties on offer in surrounding individual properties, all of these sales demonstrate the
suburbs in this period which was the key reason for a efficacy of the auction process and its application to a wide
subduing of clearance rates. Upsizers were the main variety of property types.
beneficiaries of this affordability shift after a long period of
downsizer “domination”. Excessive scaremongering from the How will 2018 kick off? The question will be whether the
media also contributed to this cooling of the market with current conditions persist or whether this is just a blip and
some reports being accurate and others being completely we see the same explosive beginning of the past five years.
reckless and irresponsible - what applies to the Sydney I tend to favour the latter as potential sellers usually sit back
market generally does not necessarily apply to the Lower and wait at the start of the year whilst buyers – newcomers
North Shore. One thing was certain and that is that the and those who missed out in 2017 - come back with renewed
quality properties sold well and as always, seemed to be vigour and resolution to own a property. Sellers are therefore
resistant to any of the negativity which was projected out usually rewarded in these first few months of the year due
there by the media. to the supply/demand imbalance and encouragingly
this does not take into account the outright desirability of
Our vendors in this latter half of the year were predominantly Wollstonecraft and Waverton.
upsizers, interspersed with a few downsizers as well as long-
term investors who felt the market had topped out. All of
these groups either remained on the Lower North Shore
or opted for tree or sea changes - a pattern that we have
observed for the past few years.
Our buyers were a combination of investors, first home buyers,
long-term renters, upsizers and of course downsizers. It was no Tom Scarpignato
surprise that the Upper North Shore produced the majority of Sales Executive
these purchasers once again, although we did see a good

Tom Scarpignato | Waverton & Wollstonecraft Specialist
0416 161 738 | tom.scarpignato@belleproperty.com
Belle Property, 1 Young Street, Neutral Bay
9036 1000 | belleproperty.com/neutral-bay