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Laing+Simmons Randwick: Quick Fire Sales Both A Positive And Negative Sign Of The Times

Mon February 27, 2017

February 27, 2017: In mid-February, two Randwick homes uploaded to the web on a Friday were sold by the Monday, fetching over $3.5 million combined. But selling agent Laing+Simmons Randwick Principal Alex Udler said the incredible result only reinforces the massive supply shortage in the area.

An immaculate four bedroom terrace home at 117 Bundock Street in Randwick sold for $2.27 million in mere days, the four level contemporary home providing the purchaser with an instant luxury lifestyle.

The home itself exemplifies the Eastern Suburbs appeal, with its multiple entertaining areas, seamless indoor-outdoor flow and low maintenance grassed gardens providing the perfect backdrop to coastal living.

Nearby at 12/76 Wentworth Street, a three bedroom, two bathroom apartment was sold for $1.38 million. With modern design interiors and an open plan layout leading to generous balconies, the apartment occupies a coveted corner position in the secure award-winning Pindari complex.

Both homes are relatively new and both were purchased by owner-occupiers, Mr Udler said.

“Randwick has always been popular among buyers, particularly owner-occupiers interested in perhaps the best connected address in the Eastern Suburbs. And with the Light Rail on its way, interest in Randwick and surrounding suburbs will only grow,” Mr Udler said.

“The issue is that demand will largely go unsatisfied. There’s a massive shortage of supply, especially quality new apartments, in the area. The heat is on the State Government to improve affordability and new supply is one way to achieve this, but local Councils have a role to play too.

“Regrettably, excessive delays in approvals and placing pointless restrictions on some developments becomes too costly an exercise for developers to entertain. It’s not surprising that many of them focus their attentions elsewhere.

“We must find a better balance between the need to provide people with housing choice while protecting the fabric of local communities. This is not only possible but necessary, yet it requires a more appropriate and nimble approval process.

“It is unfair to expect older people to downsize in an environment where there are so few alternatives to choose from, with those apartments that do become available carrying a big price tag. Staying put is for many the only option.

“Quality stock that does become available is subject to aggressive competition from buyers, as these strong sales demonstrate,” Mr Udler said.

 

Further information:

Alex Udler                                              Stephen Naylor
Principal                                                Account Director
Laing+Simmons Randwick                    Wise McBaron Communication
(02) 8188 1111                                         (02) 9279 4770

 

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