09 July 2020
Welcome to my June market wrap, which also brings us to the end of the 2020 financial year!
What a year it’s been for Cunninghams, we have helped 806 families move across the Northern Beaches over the last twelve months, which is a huge result for the company given the hurdles of the last few months. We expected that June would record some mild price alignment given the settled sales that occurred during June were exchanged while in the midst of COVID in April/May. However, at our recent open homes and from conversations we have with buyers everyday, we are hearing positive sentiment and seeing encouraging signs from the buying market with many of our recent sale prices reflecting pre-COVID expectations and we expect that in the coming months these results will result in positive sentiment in the media.
One of the recent sales I wanted to highlight is 72 Stella Street, Collaroy Plateau. Throughout the campaign we had over 89 groups through this property and it was scheduled to go to auction, however with such keen interest we ended up selling it within a three week period for $1,955,000. Originally, we had a guide of $1,700,000 – $1,800,000 on this property, and we were inundated with interest at this price point. The reason why that’s important, is that we sold a very similar property pre-COVID in February for $1,985,000, and we believe that results like this indicate that the market has bounced back very strongly and there continues to be strong demand for good quality property, even through these Winter months.
One of the highlight off-market sales for the month occurred at 47 Northcott Road, Cromer. My lovely clients had lived there for 50 years, so it was a big decision for them to sell and preferred that it was as stress free as possible. We originally guided the property between $1,300,000 – $1,400,000, and we managed to achieve a result at the upper end of that price bracket at $1,375,000. Needless to say, our clients were absolutely thrilled, and we were too!
One of the commonly used terms at the moment is ‘off-market sales’, and I think it’s important to explain what that actually means, as it may mean different things to different people. As a company that deals with the majority of the residential sales across the Northern Beaches, it would stand to reason that we engage with more buyers than any of our competitors. This allows us to form great relationships with really active buyers in the marketplace and having that intel on all of those buyers is really critical when we arrive at the negotiation table. Given there is a lot of confusion about what that off-market scenario means, and for some agencies it’s simply putting it on one platform or another. However, for us it’s a multifaceted approach, and again given our level of activity, we then can present an offer with confidence, knowing that we’ve exposed the property to a large number of buyers that have missed out on other properties more recently.
As a company, we’ve had over 30 sales since the start of the year that have had success with an off-market strategy, so if you have any questions about our on-market or off-market strategies and how that could potentially work for you, we’d be more than happy to help you.
