Family Snags Prized Greenwich Waterfront Home
A family has secured a prized waterfront home in Greenwich for $9.3 million, exceeding the initial price guide of $8.8 million, following a competitive auction at 14 George Street. The sale highlights sustained demand for premium waterfront properties in Sydney, with the city's preliminary auction clearance rate reported at 66.3%. The property features a waterfront reserve location, high-quality build, and luxury finishes. Four bidders participated in the auction, reflecting strong demand for waterfront homes. This sale, along with other recent auctions, suggests a stabilizing market, with more properties being listed, providing buyers with options to find their ideal home.
Winning the Waterfront Dream
Securing a waterfront home in a highly sought-after location like Greenwich can be a challenging task, but for one buyer, a competitive auction at 14 George Street proved to be the key to winning their dream property.
The family purchased the five-bedroom home for $9.3 million, exceeding the price guide of $8.8 million. The property's waterfront reserve location and high-quality build with double brick walls made it an attractive option for families seeking waterfront living.
The stylish design and spacious layout also contributed to the competitive bidding, highlighting the appeal of the property to families with children.
The sale of 14 George Street demonstrates the enduring demand for premium waterfront properties.
Sydney's Competitive Market
Sydney's real estate market continues to demonstrate its competitive nature, with 1004 auctions scheduled and a preliminary clearance rate of 66.3% reported by the Domain Group.
This clearance rate indicates that buyers are actively participating in auctions, with many properties, including waterfront homes, garnering significant attention.
The sale of 14 George Street, Greenwich, is a prime example of this competitiveness, with four bidders participating and employing various bidding strategies to secure the prized waterfront property.
The fact that the property sold for $9.3 million, above the initial price guide of $8.8 million, highlights the demand for such properties in Sydney's competitive market.
A Home of High Quality
Its stunning waterfront location and high-quality build make 14 George Street, Greenwich, a truly unique offering in the competitive real estate market.
The property boasts luxury finishes and architectural design, which sets it apart from other homes in the area.
Some of the notable features of this high-quality build include:
- Double brick walls for added durability and insulation
- Concrete slab construction, which is difficult to replicate due to rising costs
- Premium location with water views and proximity to the ferry
- Stylish design and spacious layout that appeals to families
- High-quality finishes that enhance the overall aesthetic of the property
Other Notable Auctions
Among the notable auctions held concurrently with the sale of 14 George Street, a standout was the property at 14 Redfield Road, East Killara. This property, which was fully renovated, sold for $2.71 million, attracting four bidders. Bidding for the Redfield Road property began at $2.4 million, with quick bidding noted throughout the auction.
Another notable sale was the Earlwood property at 42 Stone Street, which was sold at auction for $1.036 million. This fixer-upper property attracted eight registered buyers, with bidding starting at $750,000.
Both auctions demonstrate the ongoing demand for quality properties in desirable locations, with the Redfield Road sale showcasing the appeal of a fully renovated home to young families.
Market Trends and Outlook
Auction results from the recent weekend indicate a stabilizing Sydney property market, with the preliminary auction clearance rate recorded at 66.3% by the Domain Group. This suggests a shift in market trends, with buyers becoming more confident in their purchasing decisions.
Key factors influencing buyer preferences and auction strategies include:
- Increased property listings providing more choices for buyers
- Average number of active bidders decreasing in September compared to August
- Sydney property prices showing signs of stabilization
- Anticipation of interest rates potentially falling later in the year
- Buyers prioritizing high-quality builds and premium locations, such as waterfront properties
These trends indicate a more balanced market, with buyers and sellers adapting to changing conditions.
As the market continues to evolve, it will be essential for buyers and sellers to stay informed and adjust their strategies accordingly.
