Lower north shore homeowners are still making a stack of money at auction, despite a fall in house prices.
While prices are down 11 per cent from a year ago, some suburbs are seeing property prices up by more than 80 per cent from where they were five years ago.
McMahons Point currently has a median house sale price of $3.03 million, an increase of 83.6 per cent from five years ago — the third highest on the lower north shore.
The Agency — North agent David Grant said owners should not focus on recent market performance.
“The fall in price is nothing compared to the tremendous growth that we have seen on the lower north shore in the past three to five years,” he said.
Strong auction campaigns and a short supply of stock have delivered many homeowners strong results.
The vendors of 57 Ellalong Rd, Cremorne, sold their home at the end of last year for $4.35 million — 89.13 per cent more than the $2.3 million they purchased it for a little over five years ago.
Just last month at auction, 17 Laycock St, Neutral Bay, sold for 68 per cent more than the $1.615 million the owners paid in 2013.
Simeon Manners principal Richard Simeon said prices may be down, but buyers are still hungry.
“These genuine buyers are frustrated by the lack of stock and are willing to pay good money to secure something,” he said.
Mr Simeon said while there had been a fall, it remained a great time to be in the property market.
“Low stock and low interest rates are allowing for vendors to secure the best outcome,” he said.
“Week in, week out, we are seeing strong results achieved across the board.”