Off market mania before campaigns launch

The first week of April has marked a continuation in exceptional results. The bar is raised with each new sales campaign, achieving higher prices and attracting stronger buyer competition as the property price growth reported in the last quarter cascades down to apartments. 

We exchanged three properties in the last week, bringing our total sales this year to 38, and four just a week into April.

The distinctive beauty and split level sophistication of 512/19 Hill Road was exchanged in a heartbeat after its first off market inspection, achieving the highest price for a two bedroom apartment in the building since 2017. The stunning property was secured by a buyer we knew, and had previously missed out on another - experiencing first hand how quickly opportunities can pass if purchasers aren’t prepared to make agile decisions.

Another off market exchange this week saw 57 Jellicoe Street, Lidcombe snapped up by an investor before its marketing, photos, and sales campaign launched. Reaching the outstanding price of $1.5m, this sales result exceeded our vendor’s expectations and provided a real boost in bringing them closer to their relocation plans, as they prepared to move down the coast to be near family.

Parramatta Council has released a detailed Master Plan of proposed upgrades to the central Hill Road route which will cater to the changing needs and growth of Wentworth Point. The plans aim to increase pedestrian and vehicle safety, create a provision for future light rail, improve drainage, and promote sustainability. This includes the construction of a roundabout at Burroway Road, and traffic lights at the Bennelong Parkway intersection to follow, subject to funding. Read more information on what the Master Plan includes here.

We can expect consistency in the market as the RBA remained firm on low interest rates at their April meeting, stating there is unlikely to be any increase until at least 2024. The board noted that housing markets have strengthened considerably, with housing credit growth to owner occupiers - particularly first home buyers - steadily flourishing.