Rose Bay Property Market Booming

Market confidence, specifically in Rose Bay is back with a vengeance with the market excelling particularly in the $900,000 – $6.5 million price bracket, according to Ray White Double Bay agent Gavin Rubinstein. ”Buyers’ choice is still limited, but I think that will change.” Australian Property Monitors research analyst Clinton McNabb says Rose Bay had strong price growth in 2013, with the median house price almost recovering to where it was back in 2010. The number of sales at the upper end of the market was also up strongly, with large, five-bedroom homes accounting for almost half of house sales last year, compared with just one-third in the year prior. LJ Levi agent Tim Stern says the market is the strongest he has seen in 15 years. ”The numbers through opens at all properties have been extremely high,” he says. He puts the increase down to the new federal government and people feeling more secure about the economy. ”People can see that property is probably going to give them capital gain in those blue ribbon areas like Rose Bay.” Laing + Simmons Double Bay agent D’Leanne Lewis reports the second half of 2013 was when the market really kicked off. ”It turned out also to be a very sensible market, where vendors and buyers were both reasonable,” she says. ”We had a lot more expat interest than previously and a lot of Chinese buyers, as well as much stronger local interest.”