The property immune from downturns and elections: see why
The Sydney residential property market has slipped back more than 13 per cent since its peak in mid 2017, there is talk of a widespread downturn and there are two elections looming. But some real estate sells well whatever the market.
A Sydney holiday home has sold this week for a reported $6.8 million, it is a new record for the western foreshores of Pittwater and it doesn’t have a car space or even road access.
Martiana is a 1920s sandstone property on the water at Elvina Bay on the northern beaches that was marketed for sale in February.
Lachlan Elder, of LJ Hooker Mona Vale, said he quietly showed the landmark waterfront property before Christmas but it only had advertising and a formal campaign last month.
Mr Elder wouldn’t confirm the sales price except to say it did trade for more than its last selling price of $6.25 million in 2007. However there are reports the new owners have paid $550,000 over that last figure.
“The good stock never gets deflected from elections,” Mr Elder said.
Cameron Kusher, of the real estate data business CoreLogic, said since the real estate market peaked in July 2017 Sydney property values have fallen by 13.2 per cent to February 2019.
“Not only is this now the deepest period of decline it is also one of the longest,” he said.
Not that Maritana followed that script. The sandstone beauty at 61-63 Douglass Estate, Elvina Bay is on 2380sqm of land, no neighbours and is a five-minute boat ride to Church Point on the northern beaches.
The property holds the record by more than $2 million for the three water-access suburbs of Elvina Bay, Lovett Bay and McCarrs Creek.
Earlier Mr Elder said most of the buyers on Pittwater’s western foreshores were people from the Eastern suburbs wanting a private holiday home still within reach of the city.
“The absence of neighbours on both sides of the property provides unrivalled privacy so rarely seen in Pittwater and in Sydney more generally,” he said.
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There are 178 properties in the two adjoining western foreshore communities of Elvina Bay and Lovett Bay and last year 11 of them have sold between $650,000 and $3.2 million.
Maritana is in a whole new league on a large deep waterfront block with boatshed, launching ramp and deepwater jetty for a yacht or cruiser.
It has a 52-metre-wide waterfront, a sandy beach, jetty and boatshed in beautiful gardens with sandstone terraces. Surrounded by national park, Maritana was built using jarrah, kauri and spotted gum by the Gibsons of retailers Foy & Gibson in the 1920s. It’has also featured in the magazine Vogue Living.
The house faces north east and has magnificent views of Pittwater.
“Maritana is an exclusive estate that only a select few will ever be privileged enough to call their own. Offerings such as these are tightly held and rarely change hands; instead they are often passed down through the generations,” Mr Elder said.