A lack of stock is allowing lower north shore unit market to flourish
A short supply of property on the lower north shore is allowing the apartment market to flourish.
This past weekend, all nine properties that sold prior to auction, or on the day, were apartments, according to CoreLogic data.
Belle Property Neutral Bay co-principal Mark Jackson, who sold a North Sydney apartment for above the reserve, said sellers currently in the market were reaping the benefits.
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“Now is a great time to sell, with there being lots of buyers and incredibly little stock, compared to what there normally is at this time of year,” he said.
The fast-paced auction for 101/17-23 Myrtle St, North Sydney, saw four registered bidders with three active.
It sold under the hammer for $1.26 million — $10,000 above the reserve, to a local young professional couple who are currently renting.
Mr Jackson said the result showed the lack of stock was allowing property in sought-after locations to continue to sell very well.
“These past few weeks, have seen all our listings sell before or at auction, and above expectations,” he said.
The first floor apartment is close to Stanton Library, North Sydney Oval and the CBD. There were 73 inspections during the campaign and Mr Jackson and his colleague Christian Percuoco, issued nine contracts.
Mr Jackson said apartment stock was expected to increase after this weekend’s Federal Election.
“Regardless of what happens, traditionally we see a bounce in new properties hitting the market following an election,” he said.
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