Sydney Inner West - Autumn 2024 Property Update

Balanced market

With prices in line with, if not higher than, 2021, buyers still carried the hesitancy of last year’s complex market. Still, the first quarter in Lower Inner West was balanced, as Gautier Lam from Hudson McHugh said, “It wasn’t leaning heavily towards one side or the other as sought-after properties had lots of competition so it was good for the sellers but for not-so-hot properties with less competition, it was a lot easier to secure a deal”.

Michael Tringali, from McGrath Estate Agents, observed a slower start to the year compared to the previous quarter, with a marked improvement mid- February into March. In his experience, this quarter saw premium streets in Haberfield, in walking distance to shops and transport amenities, faring the best. Matthew Lovicu from Hudson McHugh added his take, “We saw downsizers, especially 3/4 bedders between $2- 3m, doing well. But, more surprisingly, the unit market shot up, a segment that hasn’t seen an increase here since 2021”. As is the norm, premium properties in quality locations and in great condition performed well above expectations and reserves. With numerous 2 bedroom sales in Ashfield exceeding $1m, targeting first home buyers and downsizers looking for a unit/semi/townhouse, the knock on effect was that the general property prices in the area for other ‘not so great’ properties also lifted. Stock levels were slightly lower than anticipated, but for the most part everything on market sold.

Holding a prized top floor position, the beautifully presented, east-facing, modern apartment at 54/106 Elizabeth Street in Ashfield, set a building record. Beating the previous in building record only set in February, this 99sqm 2 bed 2 bath 1 car property sold at a $67k increase for $907k.

Snatched off the market after only one open house, a 2 bed 1 bath 1 parking space brick cottage at 20 Hubert Street in Leichhardt sold for $1.75m. On 186sqm with a newly renovated kitchen, this home was previously purchased by the vendor in 2022 for $1.5m.

The perfect entertainer with a two level design and indoor-outdoor entertaining, 4/188 Elswick Street in Leichhardt sits quietly in The Elswick – a boutique security development of just 10. At auction this 2 bed 2 bath property attracted a lot of interest, going under the hammer for $1.78m.

An ultra-contemporary multi-level townhouse in Ashfield, 10/3 Ormond Street has 3 bedrooms, 3 bathrooms, and a 2 car garage. This high end residency reached a suburb record for townhouses in Ashfield, even in comparison to 4 bedders, selling for $1.96m.

In Leichhardt, a three-bedroom, two-bathroom Federation classic at 119 Moore Street not only fetched a reserve-smashing $2.33 million, but made its vendors an almost $1 million profit. Alex Mastoris, of Cobden Hayson, said, “Despite the home being originally marketed with a price guide of $1.8 million, sheer buyer interest allowed them to raise the guide just days out from the event with feedback indicating the home would fetch $2.1 million”.

Nestled within a premier tree lined street, a classic brick federation home at 13 Empire Street in Haberfield previously sold in 2021 for $3.1m. With 4 bed 2 bath 2 car garage on a generous 696sqm block, this spacious home reached almost $300k over reserve, selling for $3.42m.

Beautifully presented inside and out, the renovated family residence at 37 Barton Avenue in Haberfield embraces a fusion of character charm and modern style. This 3 bed 2 bath 2 car garage premier property sold for $900k over reserve, at $4.35m.

Balanced market

The Bay Area had a positive quarter, as Alex Cummins from Dib Chidiac said, “Overall, everything we took to auction sold above reserve, and many properties sold prior to auction. This may have been due to low stock and the many buyers who missed out on properties last year were bidding more aggressively in order to not miss out again. FOMO may be creeping back in, due to interest rate holds and the fear of potentially being priced out of the market”.

Development sites in the core area of Canada Bay exceeded a lot of expectations, with multiple sites surpassing reserves and setting new parameters for similar future listings. Value could be found in older properties on a good parcel of land that were immediately liveable but would require renovation in the not too distant future. Most buyers steer away from these properties, and fail to see the gains they can offer.

Luxury, quality and convenience in the heart of Chiswick, this modern oversized townhouse-style terrace at 1/1 Shore Road sold for $1.365m. This exceptional 2 bed 2 bath 2 car garage turn-key property with street access attracted multiple offers and a big price, the owner looking to upsize while the buyer downsized.

An absolute showstopper, 509/28 Peninsula Drive is located in a high top floor position in Breakfast Point’s prestige Sirius complex. Spaciously proportioned on 361sqm, with panoramas over the water to the city, it is a little wonder this 3 bed 2 bath 2 car garage property garnered a suburb record with the sale price of $4.45m.

Brand new Concord luxury, 151 Burwood Road is a family home crafted with uncompromising quality and elegance. On a massive 626sqm block, this 5 bed 5 bath 2 car garage sold for $5.9m.

Balanced

The Peninsula experienced mixed results this first quarter, depending on the sector, market, and calibre of the property. The properties that were available sold well, but as Brandon Nguyen from Bresic Whitney said, it was a small buyer pool, “Sentiment feels positive, stock levels are the lowest they have been. We have 58 listings for Balmain, Rozelle, Lilyfield at the time of writing this email. Usually this would be 100+ throughout the year”. Matt Hayson, from Cobden Hayson, added, “Buyers acted with confidence and intent if a property was “A Grade”(Premium location, turnkey ready, nicely renovated, nice outlook/view). We saw some very competitive auctions over the last few weeks with results similar to that of a heated market. However, we found buyers were also cautious if a property wasn’t perfect or was in a compromised location, they were more likely to pause and make offers with caution in the fear they may overpay. With more supply coming to market there is less fear of missing out and buyers will just wait for new opportunities to come to market”.
There was a marked uplift in interest for townhouses, with the majority of foot traffic coming from downsizers. Opportunities to buy well could be found in homes requiring a little more attention. With building costs coming down and builders now more accessible, these homes are starting to gain traction. If you can secure a home that in undercapitalised there is opportunity to add value. The issue of agents over guiding and having to pull the price back, being penalized heavily in the process, seems to be across the board in the Inner West this quarter.

Enviably positioned on the tranquil shores of Cameron’s Cove, 14/1-13 Grafton Street in Balmain is a northeast facing 2 bedroom home. Located within a stunning architecturally designed building, it cleverly uses its coveted water-side position to maximize outlooks over Sydney Harbour and Barangaroo. Exceeding the price guide of $2m, it reached $2.285m.

A renovated character terrace in a classic row on one of Balmain’s most sought after streets, 15 Harris Street is the most expensive 2 bedder ever sold in this suburb. With a guide of $1.9m, it sold for $2.435m.

Part of a tightly held collection of five private homes, 10 Lawson Street in Balmain, a 3 bed 2 bath 2 car garage property on 238sqm, sold for $2.875m.

Just one street back from the waterfront, with breathtaking views over the harbour, properties such as this home at 19 Wells Street in Balmain rarely trade. The first time ever offered to the market for sale, this 3 bed 2 bath 2 car garage stunner spread over three levels, sold at auction for $3.635m.
A timeless beauty with one of Birchgrove’s most commanding vantage points, this manor-like Victorian residence at 26 Gipps Street stands proud on a rare double block of 346sqm. This 4 bed 3 bath 1 car garage piece of grandeur has the dual perspective out over Cockatoo Island to the north, and over the iconic city skyline from the upper levels. It sold for $7.5m.

Balanced Market/Seller’s Market

The City Fringe kicked off as a balanced market, however shifted to a more seller biased market by close of quarter. Michael White from Adrian William Real Estate broke it down, “The market was strong in both A & B grade with higher overall clearances, the last fortnight in March to Easter resulted in the greatest buyer urgency seen this year. This is in contrast to last year, where A was great, B overlooked and very price sensitive, and C did not sell”.

Downsizers were very aggressive this quarter in their hunt for high quality apartments, and upsizing families showed strong competition for larger homes. Adrian Tsvalas from Adrian William Real Estate noted, “Homes that re-sold after being held for only 1-3 years traded for good value, as buyers overthought the values in the current market and kept the price guides in-line with their previous sale prices instead of resetting at the current level of competing homes”.

Apartments of 2 bedroom or greater, with large floor space, were in demand. As was homes with parking or true rear lane, with these properties attracting twice the interest. Renovators also seem to have made a return to the market this quarter.

An exclusive riverside retreat ideal for the entertainer, the illustrious apartment at 1/37 Riverside Crescent in Marrickville, is among just six residences within the boutique complex “The Riverside Apartments”. With a land size of 162sqm, this 2 bed 2 bath 1 car garage home sold for $1.505m.

A character filled 2 bed 1 bath 207sqm house at 45 Ashmore St in Erskinville sold for $2.25m.

Spanning over two lavish levels, this 3 bed 3 bath stylish duplex at 208A Wilson Street in Newtown is perfectly designed for the outdoor entertainer. With a flawless flow-through design on 116sqm, an outdoor kitchen perfectly oriented to capture the northern sun, and close location to parks, Carriageworks, and the station, this property sold for $2.28m.

Cherished by the same family for over six decades, a late federation home set into a cul-de-sac at 17 Porter Avenue in Marrickville seamlessly blends indoor/outdoor living to perfectly suited to family living. A 3 bed 1 bath 1 car garage on 411sqm in a park side location, this beautifully renovated bungalow sold for $2.8m.