How this 32-year-old built a $2.5m property portfolio
Being a first-generation migrant who saw his parents work hard for everything they had, this property investor used it a...
Investors eyeing Bondi better be quick if they want to add the iconic hotspot to their property portfolio, according to local agents.
Ric Serrao and Mark Yeats of Raine & Horne Double Bay/Bondi Beach said demand is well and truly back in the eastern suburb’s hub, with three classic semi-detached houses in the Middleton Avenue selling last week, ranging from $2.125 million-$3.24 million.
Mr Serrao, who has operated in the exclusive area for 30 years, said it’s unheralded for three properties to sell in the same street or avenue in seven days.
“The triplicate sales are part of a perfect storm for vendors. We’ve been working hard with our buyers, but there is pent-up buyer demand,” he said.
“The fear of political instability earlier in the year forced many buyers to keep their powder dry. The subsequent election result and the decision to keep the political status quo in place encouraged buyers to return to the marketplace.
“However, there aren’t enough listings to go around, a situation that is contributing to unique outcomes such as three properties in one street selling in a single week.”
Mr Yeats said stock levels are down in North Bondi by more than 60 per cent compared to the start of spring last year, and by 70 per cent when assessed against early September 2017. He noted that there are also more buyers than in previous years.
“Buyers who are in this region for the long haul understand they’ll earn decent long-term capital returns,” Mr Yeats added.
“Looking ahead to spring, we are expecting reasonable prices due to the lack of stock compared to previous years.
“That said, with spring a big time to list, this stock shortage could change quickly.”
A house refers to a building or property used as living quarters or an individual’s place of permanent or temporary residence.