Prestige Property Report

Special Report: Record sales lift market lows; plus the latest prestige property sales from across the Central Coast.

Special Report: Record sales lift market lows
This year had barely begun when the top end of the market took off and set a cracking pace. The outlook for the local prestige property market is positive, with record sales being achieved and plenty of buyer interest from local to international property seekers.

Whilst some sources will tell you that the top end of the market never really felt a downturn, Central Coast Business Review readers will recall that the property reports of November and December 2008 told the story of beachfront and rural bargains being scooped up by astute buyers capitalising on reduced prices and low buyer sentiment.

Current top end sales are also reflecting increased activity at the lower end of the market. After a record sale at Blue Bay, Bruce McLachlan of McLachlan Partners, one of the Coast’s most established agents commented, “There is a definite change in the mood of the market, and a firm base has now been found in the lower end which is now transferring through to the higher priced properties.”

McLachlan Partners also report executive leasing enquiries up to $1200 per week rental for waterfront property as well as strong sales to first home buyers.

SALES

Blue Bay beachfront boosts market sentiment
The property: 64 Werrina Pde, Blue Bay – an original 1950s beach cottage on 1005sqm land enjoying frontage to Toowoon Bay beach just 200m from Kim’s Beachfront Hideaway. The home has five bedrooms and one bathroom with a single garage.
The price: $2.7 million
The sale: The post-auction sale in January achieved a two-year record price of $2.7 million after the property only reached $1.6 million at auction in November 2008. Bruce McLachlan of McLachlan Partners would not accept the bids on the day, and despite the grim US sub prime market outlook at the time, recommended the owners reject the bids outright and recorded a no bid auction result on the day. Negotiations continued over the Christmas period and contracts were exchanged early January.
The buyer: Hong Kong based buyers.
The agent: Bruce McLachlan of McLachlan Partners, who reports a definite lift in buyer sentiment since the November lows.

Luxury Holgate home, luxury price
The property: A six bedroom, five bathroom home on 2.5 acres at 9/73 Wattle Tree Road, Holgate. The luxurious home surrounded by manicured gardens also features garaging for eight cars, a resort style pool and spa, loft style children’s playroom, home theatre and separate guest accommodation. The property backs onto Katandra Reserve.
The price: $2.7 million
The sale: Sold by private treaty.
The buyer: The buyer is from Newcastle.
The agent: Tim Andrews of LJ Hooker Terrigal.

Matcham estate achieves over $3mil

New record for Blue Bell Drive
The property: One of Wamberal’s most prestigious homes – a four bedroom, five bathroom home at 106 Blue Bell Drive, Wamberal. The magic setting offers north east aspect with total privacy and waterfront backdrop. All bedrooms have ensuites and the home features home theatre, rumpus, games room, wine cellar and stunning kitchen.
The price: $2.2 million
The sale: The property was purchased by a couple who had been searching for the right home for over 12 months and an offer was made after only one inspection.
The buyer: The new owners are from the Hunter Valley and plan to make the home their permanent residence.
The agent: Chris Andrews and Pam Gilbert of LJ Hooker Terrigal.

Barnhill’s “Beach House” apartment sold
The property: A superb new apartment with uninterrupted ocean views at 1/22-26 Barnhill Road, Terrigal. The two open plan living areas have Travertine flooring and the gourmet kitchen features Miele appliances, glass splash back and Caesar Stone benchtops. There are four bedrooms, two bathrooms, a double garage and ducted air conditioning throughout.
The price: $1.2 million
The sale: Sold at auction just prior to Christmas, with an advertising campaign in the North Shore media.
The buyer: A local resident who plans to live in the apartment while he renovates his current house.
The agent: Geoff Tilden of Gosford First National.

The property: Mont-Eagle Estate at 8645 Coachwood Road, Matcham boasts a seven bedroom, six bathroom home with garaging for 6 cars, plus lap pool and amenities pavilion, surrounded by lusciously landscaped gardens with bushland backdrop. The 2.83 hectare property also offers stabling for five horses.
The price: $3.1 million
The sale: The property was passed in at auction and sold three hours later under auction conditions with tough negotiations. It was on the market for just four weeks.
The buyer: A local family purchased the property after inspecting it four times. They plan to live there.
The agent: Tim Andrews of LJ Hooker Terrigal commented, “It shows sales will happen if you meet the market.” The property was built in 2001 and was previously sold through Tim Andrews for $2.8 million five years ago.

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