Sydney Real Estate Market Update 09/11/2017

November 9, 2017
man walking near pitfalls

I mentioned last week

that the current dip in Auction clearance rates has been directly caused by the increased number of homes placed on the market in such a small space of time this Spring.

And what I also said was the agent you choose in today's “new" market is crucial to a successful sale before Christmas.

So what pitfalls should owners look for?

Well, I'm glad you asked.

Let me quickly and succinctly dispel a few myths about what is supposedly good:

1. What's the rush - If an agent states that his/her average time to transact a sale is around 12 days or less I would be worried. Quick is not always best and the person who is most suited to such a sale is usually the agent. It should always be about the best buyer NEVER the quickest. Sometimes they are one in the same thing but not always.

2. He/she who sells the most is the best - Why? If McDonald's sells the most burgers in Australia are they the best? They are definitely the cheapest and quickest but I wouldn't be eating one if I wanted something healthy and nutritious. Sale prices over sale numbers should be your mantra here.

3. The listing agent doesn't need to be at my open home inspections - I just spoke to a buyer who went to a property on three separate occasions and the listing agent was never there. Really? Can any agent give me a compelling argument that this is anything less than a bad outcome for the owner? No, I didn't think so. If I am unable to commit to the inspections of an owner's property I always take a second fully fledged agent with me to co-list the property, not some assistant that with all due respect has a fraction of my experience and skill.

4. Opening your home for inspection or Auction before 10am on Saturday is good - If you get given the dreaded "graveyard" shift of 9-9.30am on a Saturday or even earlier then make no mistake the agent has identified your home as the runt of the litter and not worthy enough for a reasonable time slot. Buyers Agents for example always identify and target these properties as the ones where the agent is the most negotiable and looking for the quickest sale.

I could go on but if you were to ask the agent these simple questions the answers might surprise. And it's too late after the selling agreement has been signed to find out the bad news so be diligent and never assume.

We have three fantastic homes up for Auction this Saturday (11/11/17):

3.15PM: 5/48 Garnet St Hurlstone Park: 2 B/R renovated 197sqm Full brick Villa + LUG
4.00PM: 4/136 Livingstone Rd Marrickville: 1 B/R top floor 57sqm Art-deco apartment
5.15PM: 47 Francis St Carlton: 4 B/R two storey freestanding home + LUG on 556sqm

All three properties are available for a final viewing fifteen minutes prior and you are all most welcome to attend.

In addition, we will cover them on Facebook Live so if you can't make the Auction and still want to watch simply click on the link here to follow us.