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Desirable properties will continue to sell regardless of the market conditions, a leading agency has shown.
Belle Property in Cammeray and Neutral Bay has just sold $18.6 million in local property in 48 hours, according to the office.
Over Friday and Saturday, 26 and 27 June, the agency sold $18.6 million in local property, which included two auctions where the buyers collectively paid more than half a million over reserve, giving the vendors an unexpected windfall in an uncertain market due to COVID-19.
Principal Matthew Smythe said there was opportunity in the marketplace for sellers right now.
“The sharemarket has been greatly affected by COVID-19, but property values have held their ground well,” he said. “We’re still seeing exceptionally strong results at auction, partly due to a lack of stock for sale. This means a higher concentration of buyer competition per listing, which is certainly an advantage for vendors. It’s something that winter sellers can take advantage of if they want to sell this side of the coming recession.”
The strong sales growth followed Belle Property Neutral Bay expanding with the opening of a new sister office at Cammeray and the relocation of its existing office at Neutral Bay to an even better location.
“Opening a second office is a fitting way to celebrate our 10th anniversary in the area,” said Mr Smythe, who co-owns the agency with fellow principal Mark Jackson. “We’re not stretching our business beyond the neighbourhood, we’re increasing our service within the neighbourhood.”
Mr Jackson added: “As a boutique agency, our focus remains on a small collection of suburbs where we offer very rich area specialisation and experience. This translates to great results and our recent successes really demonstrate the power of this business model.”
The following properties were sold during the agency’s 48-hour bonanza of sales last week:
- SOLD AT AUCTION | 1 Bank Lane, North Sydney | $1,460,000 | Sold by Helen Wilson
- SOLD AT AUCTION | 29 Balls Head Road, Waverton | $4,000,000| Sold by Tom Scarpignato
- SOLD AT AUCTION | 1/13 Milson Road, Cremorne Point | $2,250,000 | Sold by Matthew Smythe
- SOLD PRIOR | 303/88 Kirribilli Avenue, Kirribilli | Price confidential | Sold by Matthew Smythe and Mark Jackson
- SOLD PRIOR | 306/21 Grosvenor Street, Neutral Bay | $1,850,000 | Sold by Helen Wilson and Matthew Smythe
- SOLD PRIOR | 902/3 Lindsay Street, Neutral Bay | Price confidential | Sold by Matthew Smythe and Mark Ryan
- SOLD PRIVATE TREATY | 7/24 Milson Road, Cremorne Point | Price confidential | Sold by Matthew Smythe and Mark Ryan
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