Sellers set to capitalise with prices up 21 per cent

PHOTO: The Mistillis family, left to right: Jack, 10, Luke, 2, Michael, Denise and Liam, 7. They are sell their home at 5 Stewart Place, Paddington. Picture: John Appleyard

Sydney home prices are up 21 per cent in a year but prestige agents say they have never experienced such a listing shortage heading into spring, typically the prime property selling season.

The listings crisis comes as CoreLogic research director Tim Lawless this morning announced Australia was experiencing the fastest annual pace of growth in housing values in 32 years.

“The market’s reasonably strong, but stock levels across the eastern suburbs are down 50 per cent on what they were two years ago,” says veteran agent Bill Malouf, of LJ Hooker Double Bay.

“There’s not enough stock for people who are thinking of moving, so people are thinking ‘I’m staying here where I am … there’s nothing to look at and when there is it’s so expensive’.”

But with interest rates so low there are plenty of buyers so those selling now are set to benefit.

No. 5 Stewart Place, Paddington, has a price guide of $7.5m to $8.25m.

No. 5 Stewart Place, Paddington, has a price guide of $7.5m to $8.25m.

The duplex was completed five years ago.

The duplex was completed five years ago.

Banker Denise Mistillis and her husband Michael, who works for a construction firm, have their six-bedroom duplex at 5 Stewart Place, Paddington, up for September 11 auction with a guide of $7.5m to $8.25m.

Completed about five years ago and built by Denise’s brother Steven Tambouras, the two-level property is divided into two three-bedroom townhomes on a 272 sqm block, with one offering a gas-heated mosaic pool with four spa jets.

The couple lived in one of the homes and their parents in the other, but now the family is looking for their next building project.

“We decided now was an opportune time to sell,” Mistillis said.

There’s not a lot of property on the market but we think there may be an influx later in the year.”