Off-market sales achieving strong results in Toowong and Taringa.
Throughout 2018, Toowong has again proved to be a tightly held suburb in Brisbane’s inner-west, with only 24 recorded house sales to date. With less stock available on the market, buyers who are determined to purchase within the area are instead securing properties off-market.
In the last three months, we have negotiated five off-market sales for properties both in Toowong and Taringa. A rare piece of land was recently sold off-market at 36 Orchard Street, Toowong which achieved a significant sale price of $640,000 for the 371sqm lot. The family, who are relocating from Toowoomba, purchased the block because of its proximity to the Queensland Academy for Science, Mathematics and Technology and intend to build their home later this year.
165 Frederick Street, Toowong sold off-market for $940,000 earlier this year and boasted a contemporary design with its own private lane access. In another off-market sale, 3 Bellevue Parade, Taringa was purchased for $775,000 after undergoing a sales campaign and the sellers withdrawing the property, only for us to find the right buyer. A further two properties which sold off-market in Toowong are currently under contract.
Looking online, we can see that only 16 houses are currently being advertised for sale in Toowong, 5 of which are already under contract. The tightening of sales has left fewer properties available to purchase and because of that, buyers are prepared to act on off-market opportunities to secure their new home.
With this in mind, the end of the financial year offers a good opportunity for home owners to evaluate their assets and seek an updated valuation of their property. An understanding of the current market value is beneficial when preparing for retirement, ensuring adequate insurance cover and also determining the equity if you are looking to purchase another investment property or to merely upgrade.
Our property experts will not only provide an opinion of the current market, but we can also discuss your long term goals. You may not be looking to actively sell but with increasing demand for the area and limited stock, an opportunity may come along to achieve a premium sale price similar to our other off-market sales.
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