Top-enders hit the market as baby boomers downsize

After 25 years, Tamarama couple Fred Balboni, 60, and Geoff Collins, 56, have decided to leave wonderland.

Fred Balboni and partner Geoff Collins in Tamarama, Sydney Picture: Sam Mooy

After 25 years, Tamarama couple Fred Balboni, 60, and Geoff Collins, 56, have decided to leave wonderland.

The pair has bounced between several homes on Wonderland Avenue over the years, seeking the best views of the water. No 10 was initially built as an investment property before the two moved into it on returning from several years in the US last year. But following Mr Balboni’s retirement, they have decided to downsize.

Agents in Sydney and Melbourne say more tightly held homes are entering the market as vendors not beholden to the market are lured back by confidence.

In Sydney, prestige agent Michael Pallier has two properties that will go on the market for the first time in more than 60 years when they are listed next month. Both deceased estates in Vaucluse, one property at 61 Village High Rd is expected to net $6m, while 5 Parsley Rd has a $5m price tag.

“There is always a buyer for the best, it is just that they don’t come along very often,” Mr Pallier said. “But when they do, people are waiting.”

He likened the demand to the sale of the late Lady Mary Fairfax’s family home, Fairwater at Double Bay, which sold in September 2018 for “close to $100 million” to Mike Cannon-Brookes, the co-founder of Australian software company Atlassian.

“People are getting older and are thinking of selling to downsize, or travel to enjoy their later years. Now the younger, tech-savvy millennial generation are taking the baton,” Mr Pallier said.

Mr Balboni said one of his fundamental beliefs about property was to avoid trying to game the market. “My philosophy is when you are ready to buy and sell, you do it. No one can predict the market,” Mr Balboni told The Weekend Australian.

“The money is made on the buying not selling. You should never be greedy because the market will tell you what the property is worth.”

The recently renovated five-bedroom property on Wonderland Ave overlooks Tamarama park and offers water vistas. Goodyer Real Estate director Pauline Goodyer hopes the modern entertainer will attract offers of $10m.

Jock Langley, co-director of Victorian agency Abercromby’s Real Estate, said it is an attractive time for vendors to make capital gains as low interest rates and the cheap Australian dollar makes prestige property an investment option for local aspirational and overseas buyers.

“It is good to see the top end move. There is nothing like confidence, it is the key to activity,” Mr Langley said. “There have been a few tightly held homes that have popped up and we have had strong interest this year.”

Turnover is expected to pick up as more high-end property transacts. Founder of Pillinger Double Bay, Brad Pillinger, expects a pick-up from transaction levels last year to meet those seen in 2018, when the largest sale for the agency topped $60m.

“The last quarter of 2019 was the strongest for everyone and now that is being reflected in the top end,” Mr Pillinger said.