Imran Hamidi from McGrath gives us his Market Wrap for Centennial Park and discusses what he’s seeing for the market on Soho Carpool.
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Here’s the transcript of the video:
Imran from McGrath, thanks for joining the Carpool Series with Soho. Happy to be here, thank you for having me. Centennial Park. I guess heaps happening, it’s your marketplace. I guess post-election, last 30 days. What's what's happening in Centennial Park? So this it's been an interesting year in Centennial Park. There's roughly 200 houses. So you've got the main spots are Lang Road, Martin and Robertson, which are some of Sydney's most exclusive if not Australia's most exclusive streets and you've got Cook Road, there are a few others, but Cook Road where a majority of the apartments are, there is about 1,200 apartments out of that, There's been 16 sales on that street alone. Yeah, right. Most of them have been two bedroom apartments, with the houses, there has only been four this year. on record. There's a lot that happens off-market, but four on record, so there were two houses, One on Martin Road, and one on Robertson and they were both guiding $8 million. We sold number 21 Robertson and we were quite, I wouldn't say we were surprised with the amount of groups that came through, but we were happy. We had 155 different groups and five registered at auction. It's definitely a neighborhood where the houses transact off market. So you need to work closely with an agent. Whereas the apartments they tend to come on the market. Yeah, I think coming into spring you're going to see a bit more activity around there. Yes, I guess what did you see post-election? was it more buyers were turning up to your open homes? was it your buyer pool was kind of growing or sellers were coming into the market, any I guess kind of specific’s in the last kind of month or so? buyers aren't seasonal, the start of the year, they were bit apprehensive in purchasing and that happens with every election year, but they were still around they was still looking. Once they got a bit of confidence in the government that we've got a majority government now, they've started to purchase, the restrictions on lending is starting to loosen up. We're starting to see I mean the numbers were all the same but we're starting to see more active, you know offers, we're starting to see more people registering for auctions, there's definitely a good sort of vibe in the air. Yeah gotcha. Let's say I'm a vendor at the moment. I guess it's not too far away from from Spring time. Yep. What do I do? Do I bring my property to market now? Do I wait to Spring? What's I guess what are the opportunities that you see for vendors? So John McGrath spoke the other night on air about the myth in selling in Spring and and how a lot of vendors wait until Winters over to put their property on the market. I just mentioned that the buyer pool is, you know, the same amount of buyers are out there but come Spring, more properties come on the market, you're competing in competition. A lot of real estate trainers say you should compete in isolation not in competition. So the winter months are always a good time to have your property on the market. Yeah, so I guess what would your advice for a vendor be at the moment, where do they start? do they just engage with you now, do they get their property in order and fix up the garden and all that kind of stuff. What's the first steps? Definitely. So I think the best thing to do is to engage with an agent, start to have the conversation, see what's actually necessary and beneficial to selling, a lot of the time people want to do things because they think it's the right thing to do but it's not really going to be a value add. So if they start engaging with the agents, they've got time, you can prepare properly and they can make the right moves setting themselves up. Yeah. Sure. I guess you sell so many properties throughout the year, any notable sales over the last 6-12 months in Centennial Park? Yeah, so we sold 21 Robertson Road. That was a great campaign. And we also had another one at 9 Robertson Road in Centennial Park, so along the same street, that property had been with the family for over 70 years. It was a two-year process bringing that particular to the market because we engaged heritage architects and you name it we did it. Chose to make the sale even easier. It was a heritage property and we got a DA put on the property to make it easy for the buyers. It's all about, you know, making the property sale as smooth and easy as possible. Yeah sure. I guess current listings or anything that you kind of see coming up, anything notable that you want to mention. Yeah, I'm currently working on an amazing warehouse conversion in Surry Hills, with my colleague Walter Burfitt-Williams. That one's pretty special, it’s very high-end, amazing architectural piece, renovated out of an old stables which was then turned into a mechanic's for many years. And a few properties that we are working on off market in that Centennial Park, Paddington, Woollahra area. So if i'm a buyer or a seller at the moment, how do I get in contact with you? It's very easy. 0412 332 330 or look me up on the McGrath website. Imran, thanks for joining the Carpool series with Soho Thank you. Thank you for having me