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Rejuvenated buyers have driven almost $42 million in sales for LJ Hooker Avnu in just two weeks, buoyed by a newfound confidence now that the Coalition has been returned to government.
LJ Hooker Avnu said the sales have stretched along the entire Sydney Lower North Shore, from five apartments sold off the plan in Neutral Bay to a remarkable deceased estate on the slopes of Balmoral.
Michael Coombs, founding partner at Avnu, said the renewed post-election confidence in buyers is palpable.
“With a Coalition government, there’s less uncertainty that the property market will drop further,” he said.
“With buyers waiting since Easter to see what will happen, they’re more than ready to buy now. The off-the-plan sales are evidence of the strong demand for high-quality apartments in the right location.”
He said a bidding war saw the Balmoral deceased estate property sell for a “staggering” $1.01 million over reserve, with the hammer finally falling at $5.51 million.
“It was the first time the home had been offered to the market in 67 years,” Mr Coombs said.
LJ Hooker Avnu has been particularly active in recent weeks, recruiting new talent and, in April, releasing a tailored tech platform to enable a more transparent buying and selling process.
LJ Hooker chairman L Janusz Hooker said at the time that the platform offered better efficiency and mobile capability.
“Advancements in technology have now enabled us to build our platform,” he said.
“In particular, the commoditisation of AI and machine learning, spread of cloud computing and access to open source frameworks, and our ability to recruit top engineers with international experience building the tech infrastructure for the likes of Google, LinkedIn and Twitter.
“The modern-day consumer demands the products and services they consume be delivered in real time. It’s the right time for Australia’s largest asset class real estate, valued at $7.5 trillion, to deliver on that level of service.”
Mr Hooker said the technology will be implemented first in Avnu, before being expanded across the network.
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