Sydney Housing Market Update 23/02/2018

February 23, 2018
Hands making bids

Following on from my previous update we held our first two Auctions for 2018 over the weekend with both successfully selling under the hammer.

To take a look at one of our on-site auctions simply click here:

2/11 Woodcourt Street, Marrickville:
3/468 Illawarra Road, Marrickville:

Both auctions were perfect illustrations of what I was commenting on last week. We had four and five registrations respectively at each and both vendors set realistic reserves. The buyers to their credit put their hands up and competed with the final bid winning out.

What was clear though was both properties wouldn’t have sold if we encountered either an unreasonable seller, an unreasonable buyer or both. It wasn’t that long ago in 2017 when an owner who refused to meet the market still had a decent chance of the buyers breaking new ground and offering well beyond their comfort zone.

Those days are gone.

Thankfully most of the vendors we deal with understand this as long as their Agent works hard and “shows them the market”.

But it always takes two to tango.

We also spend a great deal of time educating buyers on the changing landscape with the main advice being “take advantage of the improved conditions”. Most buyers are responding positively and reaping the rewards. However, if the majority of those purchasers at our two Auctions last Saturday (17/2/18) wanted to be unreasonably tough and try to drive a harder bargain than their position allowed we would have passed both properties in and sold them to the highest bidder for possibly a price the others would have paid.

An owner in the majority of cases “chooses” to sell their property. Very few are forced by financial circumstances or otherwise. So always keep that in mind when you are negotiating.

We have a sneak preview this Saturday of a fabulous home at 29 Charlecot Street Dulwich Hill hitting the market as a forthcoming Auction. It will be open form 9-9.30am and all are welcome. Click on the link to see more: