2019 Looking Positive For Prestige Property
While Sydney-wide the housing market saw price drops, 2018 was a good year for the luxury home market across Sydney with many record-breaking sales, particularly in Sydney’s East.
As we ended 2018 the prestige market was showing little sign of slowing and we were still seeing strong interest from buyers in top-end properties.
Because the top-end of the property market thrives on confidence, we expected to see the momentum in prestige sales continue to feed off the successful sales of 2018.
And so far the signs are certainly there.
2019 is looking like it’s off to a good start with several prestige homes already on the market and continued buyer demand from locals and expats, alongside overseas buyers.
A case in point
20B Tivoli Avenue, Rose Bay is a one-of-a-kind home in Rose Bay that has just come to market. Expressions of Interest for this property will close on 22 February at 5:30 pm.
So many things stand out about this five bedroom, five bathrooms home – including its absolute waterfront position.
The home also features outstanding architectural and interior design by Bruce Stafford and Hare + Klein. Cascading down towards the water, every room is designed with the amazing harbour views in mind.
It is also designed to function as a brilliant family home for all ages, with multiple living areas that combine open-plan spaces with quieter areas to retreat to. There is an entertainer’s marble kitchen, a home office, luxurious bedrooms, a pool, and direct access to Sydney Harbour for boating, kayaking and more from a private boathouse.
Like many prestige homes, it features the latest technology and luxuries such as a four-car garage and internal lift to all levels. The property last traded for $12.5 million in 2010.
It really doesn’t get much better than this dress circle location or more quintessentially Sydney.
The Rose Bay market
Just 22% of the housing stock in Rose Bay consists of houses and they tend to be tightly held – particularly those that enjoy direct access to the waterfront like 20B Tivoli Avenue.
According to realestate.com.au, the median house in Rose Bay price sat at $3.6 million on 2 January 2019. This has dipped from a peak of $4.3 million in 2017 but it still represents more than double the 2012 median price of $1,735,000.
When measured over the past five years, this equates to a compound annual growth rate of 10.9%.
Apartments make up 68% of the housing stock in Rose Bay and offer a relatively affordable entry into the suburb and the East overall. The median unit price is $1,255,000, down ever so slightly from $1,260,000 in 2017 but up from $685,000 in 2012.
If you’re interested in finding out more about the market in Rose Bay contact my team today.