Prestige Propert Report

Executive and Prestige Residential Market Report
By Syd Triggs, Herron Todd White

With tougher, and some might say more responsible lending practices being enforced, the previous practices of some financiers have left their marks on the traditional mortgage belt areas and the mum and dad investor market. These market segments are heavily reliant on interest rates and remain volatile. All the signs indicate that little will change in the foreseeable future.

Further up the price scale in the less interest-dependant executive and prestige property segment, sales remain reasonably solid, although it must be said that a slight stutter has been noticed.

Over the past 12 months, sales in this segment have been monitored and are overviewed for this issue of CCBR. There is still a lot of confidence in this segment and the results may well surprise some, but to others it will only confirm what they already know.

Point Frederick and East Gosford waterfronts share a similar range of values, being anywhere between $1.3m and $2m. Executive non-waterfronts are bringing in slightly lower prices.

Waterfronts over on St Huberts Island are showing sales prices between $1m and $1.4m, while a big sale has recently been recorded at neighbouring Daleys Point for just over $4.7m.

Beachfront properties at Wamberal, North Avoca, Avoca Beach, Copacabana and MacMasters Beach are selling for prices ranging from $2.4m to $4.5 with North Avoca and Wamberal bringing in the highest prices. Further north, in the beachside locations between Forresters Beach and Norah Head, beachfront sales have been limited, but prices seem to range up $2.5m.

Values of properties with coastal views vary considerably with there being distinctly popular pockets. These values can range from $1m to $2m, although some exceptions have been noted and these can be linked to the quality of the view and whether the view is likely to be blocked in the future by another development.

Executive rural lifestyle properties are interesting. Properties in the Matcham/Holgate, Terrigal, Picketts Valley and to a lesser extent, Tumbi Umbi, generally start at $850,000 and range up to $2.5m. There have been several larger sales though, most notably in Matcham at just over $5m. Unfortunately, the beautiful Yarramalong and Dooralong Valleys, and the Jillby and Wyong Creek areas are still suffering from the effects of the gas and coal exploration controversies. Prices for rural properties seldom exceed $1.5m with most sales being well below this amount.

Prestige apartment prices also vary considerably with well appointed, sized and located apartments ranging in prices from $1.75m up to $3m, although there are several larger sales currently going through the sales process. Prestige apartment sales in The Entrance, Blue Bay and Norah Head have been noted between $1m and $1.4m.

It can be said that overall, the executive and prestige real estate market is still quite busy and has not been affected any where near as much as other market segments by interest rate movements. But generally, there has been a noticeable slowing in the volume of sales occurring. Also apparent is that buyers are more discerning and properties with superior finishes and inclusions are being sold more readily.

Avoca's ray of light attracts Sydney buyer

Unit 4 at Avoca's most exclusive address, 15 Cliff Avenue - better known as The Lighthouse, has been sold for $4.5 million. The property was on the market for six weeks with a marketing campaign that attracted huge interest from Sydney buyers and ensured good attendance at each open house event. The sale price met the vendor's expectations and they reluctantly parted with their exclusive apartment to relocate to New York.

Agent Tim Andrews of LJ Hooker Terrigal commented that even in a tough market, quality real estate such as this property will always sell at the best possible price.

Designed by local architect, Cathy Slater, The Lighthouse apartments have been featured on TV programmes like Getaway and rate alongside the world's most exclusive beachfront properties.

Unit 4 features four bedrooms, open plan living and a lavishly appointed kitchen. The master suite is the ultimate in indulgence with access to the terrace and breathtaking views. The second and third bedrooms enjoy private ensuites and the living areas are spacious with polished timber floors. The apartment has secure parking and a private plunge pool. Of course the ocean outlook is unparalleled with uninterrupted views stretching from Avoca Beach to as far north as the eye can see.

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