Pittwater Life March 2023 Issue

Hot Property
Hot Property
‘Meet the market’ correction advice
Sellers have been warned
to meet the market –
or face a longer sales
campaign and larger discount.
New Domain data shows
Sydney houses were
discounted by an average
of 7.9 per cent in the three
months to January – the
largest discount since the
three months to July 2019,
when the property market
was emerging from its last
downturn.
The average is for
properties sold via private
treaty and is based on the
difference between the
advertised price and the sale
price.
The average discount for
Sydney houses has increased
every month since its low
of 4.9 per cent in the three
months to July 2021.
Units were discounted by
an average of 7 per cent, the
largest price drop since the
three months to September
2019.
Domain’s chief of research
and economics Dr Nicola
Powell told Nine Media in
February that the increase
in the level of discounting
pointed to a still-declining
market.
“[Discounting levels] have
gone back to the previous
downturn. When discounting
is rising it means overall
prices are falling. Historically,
LOCAL OFFERING: 44a Kalang Rd, Elanora Heights is for sale between
$2.95m to $3.2m through Hunter Estate Agents.
you do tend to find that
higher priced areas see
greater rates of discounting,”
Powell said.
She warned sellers to “meet
the market”.
“The longer a home sits on
the market the deeper the
discount. Sellers need to be
more open to accepting those
[lower] offers.”
According to Domain data,
the largest discounting was
in the eastern suburbs, where
houses sold for an average
of 11.8 per cent below their
advertised price, up from 5
per cent the previous year.
This was followed by
the Northern Beaches and
the Ryde region where the
average discount was 10 per
cent for both, up from 6.5
per cent and 7.4 per cent,
respectively, the previous
year.
Praise for agent
John and Jenny Bassetto aren’t
in any great rush to jump
back into the property market
after finding a buyer for their
remarkable resort-style home
in Bayview.
While the couple debate
what type of property they will
settle on next, they won’t have
any difficulty downsizing from
the place they created across
a 1.517 square metre parcel
of land at 1903-1905 Pittwater
Road.
Designed by John, the
couple recruited architect
Paris Spana to help bring
their vast 610 square metre
double-storey dream home to
life while they were living in
Singapore.
With six ensuite bedrooms,
stone-topped kitchen, multiple
living/dining zones, games/
sports room, home theatre,
alfresco terrace, lush lawns,
wine cellar, mosaic tiled pool
with swim-up bar, there was
more than enough space for
all the family.
“John supervised
everything while we were
living overseas, construction
took three years and it wasn’t
until we returned that I
understood the sheer size of
it, it is big! and we have loved
it,” Jenny said.
“Our kids grew up there,
we’ve had every significant
party there, 18s, 21sts… you
name it… we actually got
married there on one of the
blocks of land before we
moved to Singapore, so while
we are happy it has been
sold, there’s some sadness
there too,” she said.
The property was
marketed by Ray White
Prestige Palm Beach principal
Noel Nicholson and sold via
expressions of interest last
month for $6.6m.
“We can’t speak highly
enough of Noel,” Jenny said.
“As soon as he set foot on
the property, we knew Noel
truly appreciated just how
much work had gone into
creating our home.
“Noel was professional,
open and honest with us
from the beginning, he
always kept us in the loop, he
was wonderful to deal with,”
Jenny said. – Lisa Offord
40 MARCH 2023
The Local Voice Since 1991