{"id":42176,"date":"2023-02-03T09:46:02","date_gmt":"2023-02-02T20:46:02","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42176"},"modified":"2023-02-03T09:46:02","modified_gmt":"2023-02-02T20:46:02","slug":"big-discounts-ahead-despite-phenomenal-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/big-discounts-ahead-despite-phenomenal-market\/","title":{"rendered":"Big discounts ahead despite \u2018phenomenal\u2019 market"},"content":{"rendered":"

PHOTO: Buyer\u2019s agent Tammy Soglanich of Cohen Handler says there will be opportunities across Sydney this year. Picture: Julian Andrews.<\/strong><\/p>\n

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Returning Australian residents from around the world \u2014 especially those from China who haven\u2019t seen their relatives for years and have been spooked by Covid \u2014 are likely to further boost the top-end market in 2023.<\/p>\n<\/div>\n

But experts tip big discounts for savvy buyers for lower-priced properties across Sydney this year \u2014 even in prestigious suburbs.<\/p>\n

Buyer\u2019s agent Tammy Soglanich<\/a> of Cohen Handler, who appeared in the reality show Luxe Listings Sydney last year, says as people come off their fixed rates, particularly if they\u2019ve bought in recent years, \u201csome will have to sell\u201d.<\/p>\n

\"Tammy\"<\/a><\/div>\n
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WHO IS: Tammy Soglanich \u2013 Luxe Listings Sydney | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

Veteran prestige agent Craig Pontey, who has recently taken the reins at McGrath\u2019s flagship Double Bay agency, says: \u201cThe top end of the market will get stronger, no doubt … Aussies returning from Singapore, Hong Kong and Shanghai \u2014 it\u2019s going to be quite phenomenal.<\/p>\n

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\"683<\/div>\n

683 New South Head Rd, Rose Bay, attracted 60 groups on Saturday.<\/strong><\/em><\/div>\n

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\"Craig<\/div>\n

Craig Pontey of McGrath Double Bay has a price guide of $9m to $9.9m<\/strong><\/em><\/div>\n

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Last year, price records were smashed in at least 120 suburbs, or about one seventh of Harbour City areas, including a $130m sale in Point Piper when Atlassian co-founder Scott Farquhar and his wife, investment banker Kim Jackson, snapped up the historic Wentworth St, Point Piper trophy home, Uig Lodge.<\/p>\n

But while the very best homes commanded record-breaking prices last year, many lower-priced homes struggled, even in prestigious suburbs.<\/p>\n

\"Kerri<\/a><\/div>\n
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Sydney\u2019s priciest houses revealed<\/a><\/h2>\n<\/header>\n<\/div>\n

Interest rate rises, deteriorating market sentiment and affordability barriers for buyers saw median prices drop, according to PropTrack, from the northern beaches suburb of Narrabeen (-18.3 per cent), to the upper north shore\u2019s Warrawee (-21.8 per cent); the lower north shore\u2019s Cremorne (-6.5 per cent) and the east\u2019s Queens Park (-5.6 per cent).<\/p>\n

PropTrack economist Angus Moore says: \u201cWe have had some very big sales at the very top of the market, but that\u2019s a narrow pool of potential buyers and properties and people are less constrained by financing.\u201d<\/p>\n

Moore anticipates price falls will continue for much of the year, even in prestigious suburbs.<\/p>\n

\"brothel\"<\/a><\/div>\n
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Live below a brothel for $1000 a week | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cThe RBA is likely to increase rates at least a couple more times this year, and the impact of last year\u2019s rises is yet to be felt.\u201d<\/p>\n

Despite his optimism about the ultra-prestige market, Pontey agrees there will be opportunities for buyers this year at the lower end.<\/p>\n

\u201cThe rest of the market will be a bit messy … anything that\u2019s a bit off the pace, perhaps in a busy street, ground-level or bad layout, will be harder to sell,\u201d he said.<\/p>\n

\"Emma<\/a><\/div>\n
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The real estate agent who fell for the Australian off-spinner<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cSo there will be opportunities \u2014 there\u2019s no doubt.<\/p>\n

\u201cWhile the eastern suburbs is not all about interest rates, those rises do affect sentiment.<\/p>\n

\u201cAnd at some stage, in the first or second half of the year, mortgage holders are going to have to refinance \u2014 instead of paying 2 per cent, they\u2019re going to have to pay 5\u2009per cent or more.\u201d<\/p>\n

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\"Viola<\/div>\n

Viola Raikhel and her daughters Sophia (12) and Olivia (9) at their Rose Bay home, which is up for auction with TRG principal Gavin Rubinstein for February 14 auction.<\/strong><\/em><\/div>\n

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\"The<\/div>\n

The stylish home is at 4 Courtenay Rd, Rose Bay.<\/strong><\/em><\/div>\n

In the meantime, Pontey is seeing big numbers at open homes, with the long-held Hampshire family home at\u00a0683 New South Head Rd, Rose Bay, which has a $9m to $9.9m price guide, attracting 60 groups on Saturday. \u201cIt was packed,\u201d he said.<\/p>\n

Buyers agent Soglanich says: \u201cThe market is made up of so many micro-markets, so speaking broadly I think there will be deals … we saw deals last year and we will see deals this year.\u201d<\/p>\n

She noticed investors starting to trickle back in the second half of last year.<\/p>\n

\u201cRents increased dramatically and people with cash are prepared to grab the bird in the hand,\u201d she says.<\/p>\n

\u201cIt\u2019s a good time to do so. With buyer competition decreasing there are more opportunities.\u201d<\/p>\n

Soglanich says buyers could benefit from price drops of 10, 15 or even 20 per cent on entry-level apartments, semis and houses \u2014 even in salubrious Mosman.<\/p>\n

\u201cI\u2019m helping buyers on the lower north shore at the moment,\u201d she says.<\/p>\n

\u201cLook in pockets of Cammeray and Wollstonecraft \u2014 any blue-chip areas near public transport and close to amenities will always do well long-term.<\/p>\n

\u201cOn the upper north shore, look along the train line in places like Lindfield for established blocks with a good track record.\u201d<\/p>\n

In the east, she suggests looking in older-style, smaller blocks in Darlinghurst, Paddington and Woollahra \u2014 \u201cand boutique blocks in Bondi Beach and surrounds always do well.\u201d<\/p>\n

Soglanich is expecting more records to be broken at the top end of the market over 2023.<\/p>\n

TRG principal and Luxe Listings star Gavin Rubinstein says pricing will be key this year.<\/p>\n

\u201cWe are in a new world of pricing, the shift took place last year, and if vendors can get their head around the fact the market is reactive, a strong outcome can be achieved due to lack of choice,\u201d Rubinstein says.<\/p>\n

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\"Alex<\/div>\n

Alex Lyons, of Raine & Horne Double Bay, has already had a big sale this year.<\/strong><\/em><\/div>\n

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\"Lyons<\/div>\n

Lyons sold 7 Bunyula Rd, Bellevue Hill, which other sources say fetched just under $10m.<\/strong><\/em><\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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