Word On The Street | September Market Update

As the traditional spring selling season commences, our team have an abundance of new stock coming to market seeing a 19% increase in new listings this September versus the same time last year. Over September our sales team met over 1,200 buyers at open homes and generated over $40 million in total property sales. Consumer confidence remains steady, but watchful, following the Reserve Bank of Australia’s decision last Tuesday to maintain the cash rate at 4.35% – marking 10 months since the last rate rise and nearly four years since the last rate cut.

CoreLogic’s Research Director, Tim Lawless, noted, “this decision implies the RBA is satisfied with the gradual downward trajectory of inflation”. While the timing of future rate cuts remains uncertain, this hold could bolster consumer sentiment, with many anticipating that “the next move from the RBA will be a downward one,” Lawless added. For those of us mortgaged to the hilt – here’s hoping!

Among last month’s successful sales was a standout home: the De Moyer Architecture-designed terrace at 56 Renny Street, Paddington. This state-of-the-art residence in a Paddington heritage conservation area, set a new street record, selling after just four days on the market by Jack Taylor. With sophisticated contemporary interiors, premium finishes, and a prime location it drew significant buyer interest.

Another successful sale was that of 2403/1 Kings Cross Road, Darlinghurst by Shannon Cleary. Her vendor was delighted with a solid sales result prior to auction, this being his third time on the market over the last 18 months. This expansive but unrenovated apartment with outstanding potential was located in the coveted Elan building.

Another notable sale was that of 51 Greens Road, Paddington represented by Renee Cross and Cheryle Lanthois. This unrenovated deceased estate, located in a tightly held pocket of Paddington, was sold at the very first open home. Being on the market for less than 24 hours, the successful buyer attended the open home with both a signed contract, and 66W in hand. Demonstrating that well located properties (almost regardless of condition) across the desirable eastern suburbs continue to see strong demand.

With just nine weeks left in the spring selling season, and ten new properties launching this week, we see continued spring momentum offering buyers plenty of exciting lifestyle and investment opportunities.

ICONIC WOOLLAHRA LANDMARK – 31-33 Ocean Street Woollahra
A landmark property of this pedigree, that harmoniously fuses historic allure with contemporary development potential rarely comes to the marketplace.
Perfectly poised on a corner with frontages to both Ocean and Queen Streets, Parterre is an iconic Eastern suburbs landmark. Not only is it a shopping destination for antiquarians in the know, its leafy café, tucked away at the rear is perpetually abuzz with well-heeled locals.

Whether you choose to utilise the property as is, or expand to include the luxurious, contemporary home with parking at the rear – this opportunity offers a multitude of options to live, work and invest in an iconic Woollahra locale.

Having been the home of Parterre for almost 40 years, this is truly a rare opportunity to acquire one of Woollahra’s most prominent corner freehold buildings, with the benefit of DA Approved plans for a residence at the rear. Making the opportunity a perfect proposition for the investor, owner occupier or developer.

Ray White Woollahra /Paddington’s Randall Kemp and Ben Vaughan are delighted to bring this stunning property to the market, for the first time in nearly four decades. For more details or to arrange a private inspection, please do not hesitate to contact us.

Randall Kemp 0415 818 966
Ben Vaughan 0419 655 519