/North shore homeowners still making tidy profits despite price drop

North shore homeowners still making tidy profits despite price drop

The lower north shore has still seen strong price growth despite a recent fall in property prices. Picture: AAP Image/Sam Mooy.

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.

Wollstonecraft has seen the biggest increase in that time, up a whopping 87.9 per cent to $3.1 million, while Cremorne prices grew by 84 per cent to $3 million.

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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.

Real Estate

No. 57 Ellalong Rd, Cremorne, sold last year for 89.13 per cent more than what the vendors bought it for five years ago.

Other suburbs like Neutral Bay saw its housing stock up 75.9 per cent and Mosman has seen a 60.1 per cent increase.

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.

Real Estate

No. 17 Laycock St, Neutral Bay sold for 68 per cent more than the $1.615 million the owners paid in 2013.

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Buyers are still hungry for property. Picture: AAP-Flavio Brancaleone.

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.”

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