Pittwater Life December 2020 Issue

Hot Property
Boom seller’s market
brings 2020 to a close
Hot Property
TARGET:
The Narrabeen
Peninsula.
Robinson say that while
there are people who are
looking at it as an estate opportunity,
the primary interest
is coming from purchasers
interested in development.
“There’s certainly an uplift
in value for savvy purchasers
and they’re the ones we are
trying to reach and they’re
the ones who are responding,”
he says.
“It’s not a property for
everyone, we fully understand
that, but someone who is
savvy could do very well for
themselves by completing the
(subdivision) registration and
selling off the blocks.”
Expressions of interest
close on December 16.
Two down, one to go
An even bigger piece of land
is up for sale at 162 Whale
Beach Road, Whale Beach. It’s
the 8042sqm that remains of
the Carramar Estate, accrued
by well-known local John Jenkins,
who has lived there 40
years and initially tried to sell
what was then a 11,200 sqm
block for $9.9 million in 2018.
That never happened so the
land was broken up to be sold
separately. The two blocks at
824 and 826 Barrenjoey Road
were sold for $1.4 million and
$1.3 million respectively last
summer.
Now the primary block –
covered in native bush, barely
touched, and with fantastic
views of Whale Beach – is
being marketed with a $5.9
million asking price, which if
achieved will get Jenkins close
to his original financial goal.
It also features a cottage,
which is perfectly pleasant,
although agent Shane Clinton
from Christie’s International
Real Estate believes the site is
a prime candidate for the construction
of a ‘trophy’ which
will make the most of its stunning
natural environment.
And they’re off! Local Ocean Street – for $300,000 it’s got a lot of legs left in it,
agents believe the Melbourne
Cup Day rate “Those two sales will
ing in from the east,” he says.
above expectations.
there’s too much money com-
cut has spurred a late-season
rush for properties on the
northern beaches, and the
combustible dynamic of more
buyers than sellers is creating
the kind of urgency that
results in bullish prices.
It’s a scenario forecast to
continue well into 2021, with
the sustained lack of properties
causing a backlog of
change the value of units in
Narrabeen as a whole,” he
claims. “Number six was supposed
to be $1.3m on a good
day but went for $1.635m. We
were absolutely steamrolled
by people with fistfuls of
money saying ‘we’ll take it’
and we sold within a week of
listing.”
Following that rapid sale
“They’re targetting Narrabeen
Peninsula because of
infrastructure, arterial roads,
shops, beach and lake. You
want lifestyle, it doesn’t get
any better – you’re sandwiched
between the two.”
But he says, “that level of interest
dies off incredibly quickly
as soon as you get onto the
western side of Narrabeen”.
buyers, many of whom have “we tapped a neighbour on
already sold and been fruitlessly
hunting for a new home ning to sell in February, and opportunity
the shoulder” who was plan-
Sprawling Avalon
over many months.
he dropped everything and Big land, impressive aspect,
Going bananas
got the property ready in just major opportunity. LJ Hooker
24 hours. “I don’t think he has just launched a sales
A great example of what’s
happening, says Chris Gamarra
from Laing and Simmons,
can be seen in the Narrabeen
Peninsula apartment market,
which is “going bananas”
fuelled by throngs of cashedup
buyers, many from the
eastern suburbs.
Gamarra has recently sold
a slew of properties in the
tightly held zone between
Narrabeen Lagoon and beach,
including a couple of two-bedroom
apartments in the same
block – units 6 and 8 at 150
went to sleep,” says Gamarra.
Number 8 was a smaller
property with one less car
space. “We’d done something
crazy with the other one, so
we were thinking $1.3m but it
went for $1.610m. And it was
just the underbidders from
number 6 in an absolute boxing
match.”
These high prices are not
aberrations says Gamarra,
who claims they will seem
cheap by next March.
“This surge we’re getting,
I’ve seen it before, I think
campaign for a 4500 sqm
piece of land including a stylish
house with subdivision
approval for three lots high
on the hill at 7 Trentwood
Park, Avalon.
The price guide is $3.9 million
to $4.1 million for what LJ
Hooker Avalon principal Peter
Robinson is calling “one of
the most exciting opportunities
in real estate right now”.
The block features beautiful
natural bush with an easterly
aspect and views over
Bangalley Head.
– Martin Kelly
46 DECEMBER 2020
The Local Voice Since 1991