• May 14, 2020

While the effects of COVID-19 have been felt in most areas of the economy, the real estate arena to date has escaped largely unscathed and is performing better than expected. There are many opinions on how the crisis will continue to impact the property market, however our real time experience at the coalface is continuing run of solid sales as buyers take advantage of reduced competition and set their focus with a long-term property strategy.

28 Gallimore Avenue Balmain East

We had a number of significant sales over the past week, underscoring the resilience in our market. Director Danny Cobden and Samantha Elvy sold 28 Gallimore Avenue, Balmain East, securing another $4m+ sale on the peninsula. Danny commented, “The sale highlights that correctly priced property is still selling well despite the more challenging marketing conditions. This should serve to bolster confidence that buyers are moving forward positively for the right property in our area. In fact, last month Balmain was Sydney’s number one searched suburb for apartments and number two for houses, according to REA Insights.”

6/339 Victoria Place, Drummoyne

There was no evidence of falling prices when Anthony Ross sold 6/339 Victoria Place, Drummoyne, which set a building record when it traded for north of $2.2m. “We were preparing the property for sale as COVID-19 escalated and we quickly adjusted the sales strategy from auction to private treaty, conducting an enormous amount of private appointments for genuinely ready-to-act purchasers. When we found the ideal buyer, we managed to work closely with them to secure an incredibly strong price for our clients.” says Anthony. “Critically, it was clear communication with all buyers through the sale that allowed us to provide accurate feedback to the vendor, enabling her to make the decision to sell at the appropriate juncture.”

83 Cecily Street, Lilyfield

Peter Gordon sold 83 Cecily Street, Lilyfield, a completely original freestanding Victorian home which fetched an impressive $2m. Peter says, “Properties like this are increasingly rare, blessed with abundant character and classic features such as wide hallways, pressed ceilings and carved fireplaces. It was this charm that made us believe the house would be sold to someone who would be restoring and renovating it to live in and love, rather than flip and sell. The land size also played a big role in getting the sale over the line, with the property offering rear lane access to parking and a good-sized backyard with potential for a pool.”

“We made ourselves available seven days a week for private inspections and gave every buyer the opportunity to view the home multiple times. This was vital as most interested parties needed access for their builders, architects and designers to give them confidence to move forward. With well renovated homes in the area commanding prices in excess of $3m we felt confident in the underlying value of 83 Cecily Street and knew that we could hold out for a price the home deserved. In the end the fact that there were multiple offers made from different parties which drove the strong result.”

The recent easing of COVID-19 restrictions will not only bolster enthusiasm across communities, it will allow us to get back to business as usual in terms of open houses and auctions. However, one of the things we will take from all of this is buyers’ positive response to the private inspection process, which we will continue to support to ensure everyone’s comfort and safety. As the most experienced agents in the Inner West and trusted advisers to our clients, we’re here to help you through any circumstances you may find yourself in, even ones as unprecedented as these.  

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