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Sydney Housing Market Update 13/10/17

October 13, 2017
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Last week I reported the Auction results from September and made mention specifically of our office's splendid record in Hurlstone Park.

It is something we pride ourselves on due to the many difficulties encountered in successfully selling homes under the hammer in this largely unknown enclave in the southern corner of the Inner West.

And if you compare our results this year to the other agents who have come and gone it makes for very interesting reading :

R & W HURLSTONE PARK OTHER OFFICES
Auctions - 12 Auctions - 14
Sold - 12 Sold - 8
Passed In - 0 Passed In - 2
Withdrawn - 0 Withdrawn - 4
CLEARANCE RATE: 100.00% CLEARANCE RATE: 57.14%

http://attachedfiles.aunz.s3.amazonaws.com/14758/HurlstoneParkAuctionResultsotheragents.docx
http://attachedfiles.aunz.s3.amazonaws.com/14758/HurlstoneParkAuctionResultsRichardsonandWrench.docx

For the full list of each sale simply click on the links below.

What you may not notice is that none of the 26 sales in Hurlstone Park this year were sold prior which doesn't surprise me. What also doesn't is the fact that the other Agents withdrew over a quarter of their Auctions ie. chose not to conduct it at all and move straight to a sale with a public asking price.

Why does this phenomenon occur?

Well, the simple truth is Hurlstone Park's main strength is also its weakness. You see if you were to name drop this suburb today to ten people I would hazard a guess that at least eight would reply instantly with the question, "Where's that ?"

Hurlstone Park is a very quiet residential and ANONYMOUS area. This leads to almost all the buyers introduced to it loved it but only after an initial caution due to a lack of any real knowledge. So for most of our Auction sales here it takes a while to warm everybody up to the true value of the properties they are viewing.

Consequently, all our twelve successful sales in 2017 were on Auction day. The high withdrawal rate from our opposition shows me two things. One, they couldn't generate enough interest to be confident of competitive bidding or any buyers attending at all. It also shows me they got it badly wrong at the beginning thinking that the marketing would do all the work for them.

This is the classic mistake I see agents who have not recently sold in the area make time and time again. They arrive here full of enthusiasm but totally reliant on the advertising they expend on their owner's behalf to bring all their buyers. When this fails to materialise or even worse, great buyers do come but don't respond quickly enough due to a lack of knowledge and confidence, they discover it too late and then either panic and withdraw the property or conduct the Auction with little to no buyers and it passes in.

You see the best buyers in Hurlstone Park are rarely found from the marketing. In our office, they are CREATED by being initially introduced to the property and then educated about its merits and ultimately encouraged and converted into strong buyers.

This doesn't happen overnight. Many of the purchasers of homes in Hurlstone Park our office sold this year we have been working with for more than six to twelve months. They initially resist our attempts to attend an open for inspection here with the very common polite reply of "that's a bit too far out for us, we're looking for something closer in." But over time as limited supply, budgetary restraints and the simple fact that this suburb is a fantasist place to live eventually kick in, we see the transformation completed resulting in a highly motivated and prepared bidder on Auction day.

And we do this time and time again. What many current owners forget is exactly how they came to live in Hurlstone Park, whether it was recently or 30 years ago. Most of the ones I ask this question to weekly commonly reply with, "we'd never heard of the area but we were looking in ............ and stumbled onto it through an agent/friend/relative etc. who recommended it."

So if you are considering selling your home in Hurlstone Park please contact us for an obligation free chat where we can show you how we get such great results. Trust me it is no fluke, simply a tried and true process that our agency is uniquely positioned to deliver for our clients time and time again. As business owners since 1971, we love nothing more than singing the praises of what is a wonderful area to live in.

In other news we have a fantastic on-site Auction this Saturday (14/10/17):

- 4.15PM: 6 Collins Street Tempe: 4 B/R freestanding period home + 2 Bathrooms

The property will be available for a final inspection fifteen minutes prior and you are all most welcome to attend. If that's not possible watch it on Facebook Live by simply clicking on our page here:
https://www.facebook.com/randwmarrickville