2014 property report neutral bay | mosman | northbridge | chatswood
local lower north shore market
Buyer activity on Sydney’s lower north shore continues to revive with solid prospects for a healthy spring selling season. The Sydney housing market has recorded its best performance over the 2013-2014 financial year since the boom period of 2002 and 2003 over a decade ago. Sydney’s median house price increased strongly by 16.7% over the year which is the second best financial year result behind the 23% recorded over the 2001-2002 financial year. The Sydney median house price increased by a remarkable $116,000 to $810,000 over the last financial year. Historically low interest rates, strong investor activity, a rising population, solid local economic performance and restored 2
confidence have been the keys to Sydney’s heady housing market performance over the past year. Sydney’s lower north shore came late to the party following a prolonged period of subdued activity particularly from prestige property buyers. Autumn however recorded a surge in activity from buyers on the lower north as perceptions of value and rising confidence activated the prestige market segment. The median house price on the lower north increased by 11.7% over the 2013-2014 financial year to $1,680,000 with median apartment prices up by 9.3% to $710,306.
Source: Dr Andrew Wilson (Chief Economist APM)
a message from the ceo
It’s certainly been one of the most exciting years we’ve had in Sydney over the financial year 2014, with the market recovery well underway and good activity in all price brackets.
concerned about paying too much. That doesn’t mean price growth is about to stop. Most likely we are entering a period of stabilisation, which is a really important step in a new growth cycle.
The first six months of 2014 saw the buying frenzy under $2M continue, with a slight tapering after Easter. Median prices are up a very healthy 5.7% for houses and 4.6% for apartments, according to RP Data’s end-of-financial-year report. One of the biggest changes in the market this year is movement in Sydney’s prestige sector. We saw a few big sales here and there in 2013 but there is actual momentum in prestige property this year. My instinct is we are starting to reach a point in Sydney where buyers are feeling
John McGrath, CEO McGrath Estate Agents neutral bay | mosman | northbridge | chatswood | 3
financial year 13/14 comparison fy14 OFFICE NAME
AUCTION DAYS ON MARKET
AVERAGE AUCTION CLEARANCE RATE
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE
NUMBER OF SALES
mosman
21
76%
22
$2,180,880
172
neutral bay
17
84%
16
$1,300,787
359
northbridge
20
82%
22
$1,644,838
205
chatswood
21
83%
24
$1,440,593
16
total
19
82%
19
AUCTION DAYS ON MARKET
AVERAGE AUCTION CLEARANCE RATE
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE
NUMBER OF SALES
mosman
23
72%
24
$1,705,330
200
neutral bay
20
78%
23
$1,153,256
339
northbridge
26
72%
32
$1,404,259
175
total
23
74%
26
fy13 OFFICE NAME
David Howe, Piers van Hamburg and Michael Coombs have been named within the top ten sales agents in the entire McGrath network for 2014.
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preparing your home for sale Here at McGrath Neutral Bay, Mosman, Northbridge and Chatswood we are delighted to be able to offer our clients exclusive access to Fin Abode. Fin Abode offers the highest quality service in property related styling, repairs, maintenance, renovation and construction, both building and landscaping. Fin Abode has professionally managed more than 350 client projects in the last 12 months, ranging from the smallest repairs or cleaning jobs, through to million dollar renovation and construction projects. Fin Abode has delighted McGrath clients with high levels of personal service and sensational results, both aesthetically and financially.
Fin Abode offer this level of service by providing each client with a dedicated Project Consultant who oversees the commissioned work from the initial no obligation advisory meeting through specification and management of works and successful completion and delivery. case study - northbridge The below property had not received an offer beyond $2.3M in the months prior to the Fin Abode renovation — after the renovation at a cost of $194,000 the property was sold for $3.2M prior to auction. At a total return on service investment of approximately $700,000 or 350% in less than three months.
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top 10 fy14 mcgrath sales houses 1.
7 Curraghbeena Road, Mosman
$11,000,000
2. 3. 4. 5. 6. 7. 8. 9. 10.
6 Cyprian Street, Mosman 17 Shellbank Avenue, Mosman 5A Hopetoun Avenue, Mosman 68 Bay Street, Mosman 7 Glencarron Avenue, Mosman 48 Cowdroy Avenue, Cammeray 22 Stanton Road, Mosman 75 Coolawin Road, Northbridge 42 Euryalus Street, Mosman
$9,250,000 $8,300,000 $6,700,000 $6,550,000 $6,300,000 $6,300,000 $6,200,000 $5,390,000 $5,050,000
apartments 1.
4/8 King George Street, Lavender Bay
$6,890,000
2. 3. 4. 5. 6. 7. 8. 9. 10.
1/17 Munro Street, McMahons Point 4/69 Kirribilli Avenue, Kirribilli 6/33 East Crescent, McMahons Point 2/80 Muston Street, Mosman 702/20 Alfred Street, Milsons Point 802/55 Lavender Street, Milsons Point 7B McLean Street, Mosman 12/6 Cliff Street, Milsons Point 1101/55 Lavender Street, Milsons Point
$5,200,000 $4,700,000 $4,250,000 $3,700,000 $3,625,000 $3,500,000 $3,420,000 $3,350,000 $3,065,000
4/8 King George Street, Lavender Bay
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75 Coolawin Road, Northbridge
investor report our track record
our days on market
Number of properties leased in the last 12 months.
On average we lease properties within the first 12 days.
675+
our team
view our investor report
22 professional team members covering the lower north shore.
Scan the QR code or visit www.lns. mcgrath.tv/videos/ propertymanagement
over $950 million
qualified tenants
Total residential asset value of properties under our management.
On average we have 200 people in each price category on our database looking for properties on the lower north shore.
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our neutral bay office known as Neutral Bay. Our Neutral Bay office consists of 14 experienced agents and their teams, who are the experts in the residential markets of Sydney’s lower north shore. Our team specialises in Neutral Bay up through Cammeray, right around the harbour foreshore to North Sydney, McMahons Point, Waverton and Wollstonecraft. The name “Neutral Bay” originates from the time shortly after the arrival of the First Fleet, where different bays of Sydney Harbour were zoned for different incoming vessels. Captain Arthur Phillip had all foreign vessels moor on the northern side of the harbour in a wide and safe bay until he was satisfied their intentions were peaceful. That bay became widely
With extensive local area knowledge, our team pride themselves on offering personalised, professional and high quality real estate services for their clients. Scan the QR code or visit www.lns.mcgrath.tv to view our latest property videos.
fy14 statistics
houses apartments
MEDIAN PRICES
LONG TERM TREND
AUCTION CLEARANCE RATES*
$1,490,000
6.6%
78.4%
$713,000
4.1%
84.8% *Source: APM
recent sales 16 West Crescent, McMahons Point
$3,275,000
5/17 Reynolds Street, Cremorne
$1,400,000
91 Bellevue Street, Cammeray
$1,490,000
1A Doohat Avenue, North Sydney 7/325 Alfred Street North, Neutral Bay
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$880,000 $1,000,000
our northbridge office Northbridge took its name from its location, north of a sandstone suspension bridge built in 1892. It was constructed by a team of land developers at a cost of 42,000 pounds. Federation Gothic in style, the bridge was designed by Ernest de Burgh, with medieval motifs as “unexpected embellishments”. A smaller version of this bridge was also built in Kangaroo Valley in 1898. The bridge has been known as the Northbridge and Cammeray Suspension Bridge but is now called the Long Gully Bridge. McGrath Northbridge are experts in the residential markets of Northbridge, Castle Cove, Castlecrag and Middle Cove. With extensive knowledge of the local area,
the sales team at McGrath Northbridge pride themselves on offering personalised, professional and high quality real estate services for their clients. McGrath Northbridge was awarded McGrath metro ‘Office of the Year’ 2014.
fy14 statistics
houses apartments
MEDIAN PRICES
LONG TERM TREND
AUCTION CLEARANCE RATES*
$2,225,000
5.2%
62.3%
$700,000
4.2%
87.5% *Source: APM
recent sales 75 Coolawin Road, Northbridge
$5,390,000
33 Narooma Road, Northbridge
$2,467,000
149 Deepwater Road, Castle Cove
$2,300,000
16 Bellambi Street, Northbridge
$3,300,000
11 Rembrandt Drive, Middle Cove
$1,415,000
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our mosman office Richest Suburbs’ in Australia dated April 2014. McGrath Mosman offers the services of ten agents and their support teams, and are all experts in the residential markets of Mosman, Clifton Gardens, Balmoral and Cremorne. Back in 1831, Scotsman Archibald Mosman set up a whaling station in what is now known as Mosman Bay, and thus lent his name to what has become one of the most desirable suburbs on the northern foreshore of Sydney Harbour. According to Business Insider Australia Mosman is ranked #3 in their ‘Top 25
The team at McGrath Mosman is committed to providing an exceptional service experience for their clients, focusing on expert advice and a transparent approach. Our experienced sales agents, together with the greater McGrath network, pride themselves on delivering exceptional results.
fy14 statistics
houses apartments
MEDIAN PRICES
LONG TERM TREND
AUCTION CLEARANCE RATES*
$2,380,000
4.9%
69.3%
$743,000
4.1%
74.2% *Source: APM
recent sales 24/5 Parriwi Road, Mosman
$992,000
5 Cardinal Street, Mosman
$2,115,000
120 Awaba Street, Mosman
$2,230,000
21 Ryrie Street, Mosman
$2,480,000
2/40 Raglan Street, Mosman
$1,006,000
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our chatswood office Chatswood is named after the wife of district pioneer and Mayor of Willoughby Richard Hartnett. His wife Charlotte was affectionately known as Chattie, and in 1876 Hartnett named his estate “Chatswood”. When the post office was built in 1879, the suburb took on the name of the districts most significant property. The area began to prosper with the arrival of the rail in 1890, and by the 1920s, it was described as one of Sydney’s “fashionable” suburbs and a commercial centre. Our experienced team consists of seven English and Chinese speaking sales agents and their teams, who pride themselves
on delivering an unrivalled quality of customer service and exceptional results for our clients. Opened in April 2014, McGrath Chatswood is the newest office in our group servicing Willoughby, Artarmon and Chatswood.
fy14 statistics
houses apartments
MEDIAN PRICES
LONG TERM TREND
AUCTION CLEARANCE RATES*
$1,455,000
4.6%
81.1%
$732,000
4.3%
75.6% *Source: APM
recent sales 13 Davies Street, Chatswood
$2,600,000
1905/2B Help Street, Chatswood
$1,072,000
14 McLean Avenue, Chatswood
$1,900,008
33/18 Centennial Avenue, Chatswood
$1,325,000
37 Wyalong Street, Willoughby
$1,960,000
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Neutral Bay 3 Young Street 9908 6099 Mosman 59 Belmont Road 9006 6388 Northbridge 146 Sailors Bay Road 9958 2222 Chatswood 11/409 Victoria Avenue 8047 9888 mcgrath.com.au LNS Property
McGrath LNS