Record $4.5 million sale a sign that confidence is back for prestige Peninsula property

Media release - 25th June, 2013

Improving economic news and stronger share market provide prestige homebuyer boost

  • 8b Beatty Street, Balgowlah Heights sold prior to auction for $4.5 million
  • 10 Scarborough Place, Beacon Hill sold via private treaty for $1.715 million
  • The double-barrel sales confirm the Northern Beaches prestige and executive property markets are putting the GFC and political instability behind them 

Leading real estate firm, Raine & Horne Manly, secured a number of major multi-million sales last week, in a sure sign that confidence is returning to prestige and executive real estate markets along the Northern Peninsula.

8b Beatty Street, Balgowlah HeightsIn a double coup for Raine & Horne Manly, an absolute waterfront home set on a 1,031 sqm block at 8b Beatty Street, Balgowlah Heights, sold for $4.5 million prior to auction, while a striking family home at 10 Scarborough Place, Beacon Hill, built on a generous 901 sqms, fetched a healthy $1.715 million.

The dual sales represent some of the more significant results for Balgowlah Heights and Beacon Hill since 2007, according to Toby Hutton, Principal of Raine & Horne Manly.

“The sale of 8b Beatty Street, which was secured by Mark Madsen from Raine & Horne Manly, is one of the biggest sales for Balgowlah Heights since the GFC started to bite six years ago, and a record for the suburb in 2013,” says Mr Hutton, who was responsible for the Beacon Hill sale.

10 Scarborough Place, Beacon Hill“The prices achieved for the properties are also a sign that there is plenty of cash splashing around the local property market and local buyer confidence is back.”

Mr Hutton also urges those homeowners considering the sale of a prestige home to take note that both homes attracted a steady stream of genuine enquiries over the three weeks the properties were on the market.

“This is a significant difference to 18 months ago, when it was possible to go two weeks without fielding an enquiry for prestige homes such as these,” says Mr Hutton.

“Conditions for the sale of a prestige home on the Northern Beaches are near their best since 2007, and we need more listings to meet buyer demand.”

Mr Hutton attributes increased buyer confidence to improving economic news from the likes of the United States, coupled to stronger share market returns over the last year or so, and the prospect of a Coalition victory in the September federal election.

“The sharemarket has had a pretty good twelve months, despite the latest volatility, and this has translated to bonuses being paid to investment bankers and portfolio managers, and this money is starting to find its way into prestige homes in our region,” says Mr Hutton.

Not surprisingly, local buyers are dominating enquiries and the sales of prestige homes along the Northern Peninsula, ahead of overseas money.

For example, 8b Beatty Street, Balgowlah Heights, sold to a Seaforth family, while 10 Scarborough Place, Beacon Hill, sold to a Clontarf owner-occupier.

“I would also attribute local buyer confidence to the prospect of a couple of terms of a Federal Coalition Government after 14th September,” says Mr Hutton.

“Unlike other real estate markets and business sectors, political instability is not affecting the Peninsula.

“Our region is traditionally blue ribbon Liberal, so the prospect of long-term stability after the difficulties of a minority government over the last three years, is a prospect many homeowners and businesses are already savouring in our region.”

-ENDS-

For further media information contact:

Toby Hutton, Co-Principal, Raine & Horne Manly on 0414 719 141

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400