Just as Australia’s most iconic beach was about to open for exercise, the Bondi property market stirred too, with iconic Icebergs and Cicciabella restaurateur Maurice Terzini selling his two-bedroom Francis St residence, according to Real Estate.com.au, in the “high twos.”
Terzini, who has warned Sydney’s foodie scene “might never recover” from The Virus unless residents supported takeaway from their favourite establishments, listed his architecturally-designed residence at 89 Francis St just weeks before the pandemic properly spilled into Australia.
Agents Dion Markovics and Paul Langsam of Raine and Horne Double Bay proffered a $2.65 million buyer’s guide ahead of a planned April 2nd auction.
The auction never happened, but they sold it last week in the “high twos,” which, agent Markovics told local paper The Wentworth Courier, “was a good result, all things considered.”
Markovics announced the Terzini sale – along with a Diamond Bay Rd Vaucluse apartment for $1.3 million – on Instagram saying: “In arguably the toughest market in history, I was extremely fortunate to successfully negotiate both of these sales last night.”
While this is one of the best humble-brags we’ve seen for a while (and while we wouldn’t expect specifics from an Instagram post), it fails to mention two key points: why and how did this property sell for such a good price, even in a Pandemic Market?
DMARGE got in touch with Ray White founder Gavin Rubinstein, to ask both those questions, as well as a bigger one: what does this mean for the future of Sydney’s property market?
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Though he wasn’t the agent for the Terzini listing, Gavin is the Eastern Suburb’s leading real estate agent, and an expert on the property market. He started off by telling us house prices haven’t tanked like you might’ve expected.
“From what I have seen over the past 4-6 weeks, the market certainly hasn’t crashed, it’s simply changed. I have sold a number of properties during this period for excellent outcomes for my clients.”
That said, “I’d suggest prices have come off 5-10% and there are many buyers looking to purchase,” Gavin told us. “My market place is full of astute buyers and the view amongst many of them is that the COVID crisis will pass in the short term.”
“Underpinning this is that there hasn’t been a rush of new listings come on the market, and quality properties are still hard to come by. So… I don’t think the Terzini sale was a ‘one-off’, rather the market is still active and performing especially well for unique properties like Terzini’s – supply and demand will always underpin value in the East.”
This links in nicely with what Edward Brown, director at Belle Property told DMARGE at the start of April, as part of an article entitled “how savvy buyers can soon take advantage of the Australian property market.”
Edward told us there is opportunity in any market: “if they need to upgrade because they’re downsizing or upsizing due to growing family needs, they’re going to move regardless.”
“Good quality homes will sell for a fair and reasonable price – maybe not the same price they could have once achieved in a booming market – but good homes will always have demand in any marketplace.”
A point the Terzinis, who realestate.com.au reports, sold their Bondi home because they wanted “more room” for their “growing son”, have demonstrated to the tee.
“Terzini and his 10 Pieces design director wife Lucy Hinkfuss are moving to the three whole-floor apartments in nearby Sandridge St that they bought for $4.8 million through Markovics in February.”
What does leading Eastern suburbs agent Gavin Rubinstein think of the sale? “A good result indeed. I have always held the view that quality properties in the Eastern suburbs will always attract good interest, in good times and bad.”
“I remember back in the GFC of 2008/2009, the Bondi Beach/North Bondi postcodes were incredibly resilient compared to the rest of the market. Supply of land and availability of quality homes are fewer and fewer each and every year. The fundamentals of demand and supply, in my opinion, is the most important factor when considering the Eastern suburbs property market.”
For those interested in what the Terzini residence had going for it, beyond – obviously – location, realestate.com.au provides some tasty insights.
Crafted by renowned architects Herbert and Mason, the Terzini (or rather, ex Terzini) residence offers multiple living areas, which are “connected by a seven-metre long Corian kitchen bench, polished rendered walls and custom joinery” as well as “floor-to-ceiling glass walls” which let in plenty of natural light.
There’s also a north-facing garden, a luxurious and large master bedroom with a mosaic-tiled ensuite and walk-in wardrobe and a second bedroom also with an ensuite and built-ins.
“The home is hidden from the street yet just a short walk to Terzini’s world-famous Icebergs Dining Room and Bar along with Harris Farm, and Bondi’s coastal lifestyle.”
Unfortunately, it’s now been sold. Fortunately, there are more opportunities.
As Gavin puts it: “I sense there will be a lot of transactional movement in the property market Sydney wide as people readjust to their financial realities. As a result, I think we’ll see a spike in supply in particular areas/postcodes and this where you’ll find better value as a buyer.”
More to come as more properties sell…