Manly property sells for record $6m despite COVID-19 lockdown

Big sale – 37 Kangaroo St, Manly.


Buyers are still out and about, keen to find their dream home – and this record-breaking sale proves it.

When 37 Kangaroo St, Manly was put to auction before the COVID-19 crisis deepened, it was passed in on a bid of $5.5 million.

MORE: Lift on inspection, auction bans to revive market

Buyers back as market finds its mojo

Last week it sold for $500,000 more than that. Michael Clarke, of Clarke & Humel Property, said he could not comment on the final sale price.

However industry sources have put it at $6 million, which is a new record for Manly’s sought-after Western Hill.

Coincidentally, Mr Clarke broke his own sales record, which he set it in 2016 with the sale of a Western Hill property for $4.7 million.

The view.


Family living.


All up, 37 Kangaroo St was on the market for 92 days. It was the first time the property had come to market in 33 years. It last sold in 1987 for $180,000, according to CoreLogic data.

“We sold it to one of the bidders from the original auction,” Mr Clarke said.

“I think people might have been expecting we wouldn’t sell it for more than what it was passed in for – on the contrary we defied gravity.”

Mr Clarke, who negotiated the sale with Cherie Humel, said he was definitely seeing more buyers returning to the marketplace on the northern beaches.

“People are now understanding that it isn’t the plague to end all plagues and that it isn’t likely to be like it has been in Italy or the UK,” he said.

“We have seen more buyer activity in the past week than we’ve seen in the past six weeks.”

Outdoor dining.


Formal dining.


He said he believed the northern beaches had been relatively insulated from market negativity.

“The northern beaches is very much an aspirational lifestyle area for people which does make it a little bit more immune,” Mr Clarke said.

“When people are looking to buy the property of their dreams it’s a long-term mentality.”

He tipped more stock would come to the market in the months ahead, after homeowners had spent the lockdown taking stock of their properties and decided that the time had come to upsize or downsize.

“Many people have spent more physical time in their home over the past six weeks than they have in years,” he said.

SIGN UP HERE FOR THE NSW REAL ESTATE NEWSLETTER

Source link